Please welcome to the stage Senior Vice President, Investor Relations, Debbie Hancock. Good morning, and thank you for joining us today. I'm Debbie Hancock, Senior Vice President of Investor Relations at Hasbro. Before we begin, just want everyone to be aware that during the formal presentation and question and answer session that follows, members of Hasbro management will make forward-looking statements concerning management's expectations, goals, objectives, and similar matters. There are many factors that could cause actual results or events to differ materially from the anticipated results or other expectations expressed in these forward-looking statements. Some of those factors are set forth in our annual report on Form 10-K, our most recent 10-Q, and today's meeting and other public disclosures. Our discussion and presentation today include information regarding GAAP and non-GAAP financial measures, and you can find a reconciliation of GAAP to non-GAAP results on our investor website. Let's turn to the day. We're so excited to be here with you in person, so many of you in person, and to share our plans our teams have for growing Hasbro over the years to come. Chris Cocks, Hasbro's CEO, will start off today, and then we'll hear from Eric Nyman, Hasbro's President and Chief Operating Officer. We'll follow that with three panels of Hasbro leaders to share more about our brands, our storytelling, and our consumer focus. Deb Thomas, Hasbro's CFO, will close us out, and we'll host a Q&A session for those of you here in person. Today's event is streaming on our investor relations website, and will be available for replay later today. Let's get started. Are you ready for a new adventure? Lights, camera, action. This is gonna be good. Let's go. Here's the thing. I'm gonna need a team. Is that so? Yeah. It is. Okay, team. You good? You excited? Yeah. Show me some magic. Ooh. Let's look around. Come on. There's something I wanna show you. My knees. I can't wait to see what our teams are about to create. Delish. Ooh, sorry. Carry on. Hard to come by wins in the world, and getting to share that with your kid, it's very special. Together we succeed. Convert. Can you believe this? Whatever happens, we'll be ready. It's captured hearts across the globe. It's so immersive. Holy moly. Hasbro! Never stop playing. Let's do it. Yeah. We're gonna need strength, magic, and you. I love the world of Peppa Pig. Hooray. Never felt this much happiness in my life. You feel inspired yet? Oh, yeah. Come on. Please welcome to the stage Chief Executive Officer, Chris Cocks. Good morning, and welcome. Since becoming CEO in February, I've had the opportunity to speak with many of you, and I'm excited to be here today to share our updated plans for Hasbro. We knew 2022 was gonna be a challenging year, which is why we conducted a nine-month strategic review of our business with an emphasis on near-term, meaningful change that will drive positive impact as early as Q4 of this year. Through this process, we've worked to identify where we should focus and scale, how we can enhance our operational excellence, and how to drive accelerated growth and profit. Just as importantly, this is a mindset shift for everyone at Hasbro, the importance of bottom-line growth, of pairing creativity with operational discipline, and for renewing a laser focus on what matters most, our fans. Hasbro's strengths will be where we lean in on an updated blueprint that engages and monetizes across games, play, and experiences. Leaning into our gaming leadership, a high-growth, high-profit, $2 billion+ business, and a focus on fewer, bigger brands with an obsession for delivering for our consumers and delighting our fans. Today, leaders from across Hasbro will take you through our plans to introduce a new strategic approach to our blueprint, Blueprint 2.0, accelerate our growth with a special focus on games, digital, and direct, and demonstrate our commitment to superior shareholder return with a plan to grow adjusted operating profits by 50% over the next three years. Hasbro is a global leader in play and entertainment, creating joy and connecting families and fans for a century. Lincoln Logs, Potato Head, Play-Doh, G.I. Joe, My Little Pony, Transformers. These are just a few of the beloved brands that make up our 100-year-strong IP portfolio. Since our earliest years, we've consistently innovated in games with household names such as Candy Land, Monopoly, Clue, Magic: The Gathering, Dungeons & Dragons, Trivial Pursuit, and our latest hit, Wordle: The Party Game. Since the 1980s, we've been building a leading content production studio, producing category-defining entertainment like Peppa Pig, blockbuster movies like the upcoming D&D film, partnering in some of the biggest Hollywood franchises, including the upcoming Transformers: Rise of the Beasts with Paramount. Thanks to our acquisition of eOne, distributing and producing a growing library of premium content, including the Emmy-nominated Yellowjackets. The blueprint has long been a foundational strategy for Hasbro, and we've made a number of changes to it over time to help us serve our consumers and bring our brands to life. Today, we are making the biggest change yet to this company-defining strategy, the Blueprint 2.0. At the core of our new blueprint is the consumer, and we are making an all-in bet to be the best in the industry at understanding and delivering for our fans. We call this the Brand Insights Platform. The Brand Insights Platform underlies our Blueprint 2.0 and will combine all new technology capabilities, a significant upgrading of our data and analytics team, and a network of digital, direct, experiential, and partner-based data feeds. The Insights Platform will speed our innovation, fuel our category captaincy, and create a wide, sustainable moat for Hasbro across our priority brands. The bottom line is this, it's a multiyear $100 million-plus investment and a clarion call for everyone at the company that we are as passionate about understanding and delivering for our fans as our fans are passionate about our beloved brands. We did it at Wizards of the Coast with fantastic results, and we'll build and expand upon that half decade of learning as a springboard for the rest of the company. Our new blueprint will emphasize fewer, bigger, more profitable brands that showcase our leadership in preschool, games, creativity, outdoor, and action brands across an expanded range of consumers, from preschoolers to fans to collectors. This means we're gonna stop doing some things. We are exiting unprofitable categories and partnerships. We are moving some classics like Easy-Bake Oven from owned and operated to a licensed-out model. Our product portfolio will emphasize play systems with expanded price points from OPP to high-end collectibles, along with an increased emphasis on licensing our IP to unlock new categories and unleash the potential of our century-strong brand portfolio, like our partnership with Transformers and LEGO or our just-announced deal with Basic Fun! and Littlest Pet Shop. Our experience teams will field amazing new entertainment like the upcoming D&D Honor Among Thieves film and lean into our network of partner-owned, location-based entertainment experiences with nearly 7,000 locations today, ranging from local game stores to mega theme parks that combined drive close to $700 million in annual merchandise sales for us. Over the next several years, we see hundreds of new capital-efficient, partner-owned locations opening from themed hotels to cruise ships to new game stores and play centers across hundreds of cities around the world. Our aspiration is to have a Hasbro play experience within easy driving distance of every one of our fans across every major market on the planet. Our review helped uncover significant opportunities in our supply chain and operations. We are committed to $250 million-$300 million in annual run rate savings between now and 2025, with $150 million planned in 2023 alone. This will entail sharpening our focus on operational excellence, allowing us to make our organization and supply chain leaner, faster, and more profitable. Last but not least, direct-to-consumer and digital will be a major investment focus. Hasbro Pulse, our direct platform, and the significant investments we are making in an all-new digital games and live services like D&D Beyond will drive over $1 billion in high profit revenue and be the basis for our direct marketing and engagement platform of the future across our roadmap. As we support these growth pillars, three priorities will continue to guide our capital allocation decisions. First, we'll invest in our business to support profitable growth, including investments in our franchise brands, digital and direct, data and insights, as well as strategic initiatives like our operational efficiency program. These investments will focus on high growth categories and capabilities representing the entertainment trends of tomorrow that meet our rigorous ROI criteria. Second, delevering the balance sheet to ensure we maintain our investment grade rating. Finally, returning excess cash to shareholders in the form of dividends and share repurchase, which Deb will cover in more detail in just a bit. The combination of investing behind fast growth categories, blue ocean channels, new product innovation, and doubling down on our biggest brands, while also exploring ways to monetize our IP, will position Hasbro for superior growth, driving a mid-single-digit revenue CAGR. Mix shifting to higher profit categories, scaling our franchise brands, a focus on the fundamentals, and exiting or model shifting underperforming brands and markets will drive an even more significant increase in our operating profits, where we see over 400 basis points of improvement over the next five years, including operating profit growth 2x that of revenue. We see this growth starting as early as the first half of 2023 behind one of the best entertainment lineups we have ever had, including what we do well, delivering shareholder return, thrilling fans for generations to come, and leaving the world a better place than how we found it. As I said earlier, entertainment remains a top priority for Hasbro. Over the last decade, Hasbro branded entertainment has supported over $4 billion in merchandising and license revenue. Moving forward, our entertainment investments will become increasingly focused on driving our Blueprint and related merchandise and digital engagement opportunities with a particular focus on franchise brands. Today, we spend a small portion per year in Hasbro branded entertainment, primarily in our family brand segment, and we see that tripling by 2025 in film and TV as we expand the number of films, scripted and unscripted TV shows supporting major Hasbro brands like D&D, NERF, Transformers, and Hasbro Gaming. We expect revenue in our entertainment segment directly tied to Hasbro brands to grow correspondingly through 2027. For our non-Hasbro branded initiatives, our strategic review continues. Over the last 18 months, we've divested several non-strategic businesses, including eOne Music, and are evaluating other assets in the portfolio focused on content unrelated to Hasbro's IP. As part of that process, we're exploring how best to maximize the growth and value of marquee assets like our 10,000-plus asset content library, including premium hits like The Rookie, Yellowjackets, Naked and Afraid, and the Mark Gordon library. Our entertainment teams are some of the best in the business. Our creative relationships are strong, and our library of content continues to grow in value. As we focus more and more on Hasbro IP-related entertainment, we're looking forward to delighting audiences of all ages with the start of a banner playlist ranging from Transformers: EarthSpark, to Play-Doh Squished to Dungeons & Dragons: Honor Among Thieves. Before I turn it over to Eric and the team, I want to speak about the bigger context of Hasbro. Our mission is to entertain and connect generations of fans through the wonder of storytelling and exhilaration of play. As I said before, we've been doing it for 100 years, and we plan to be doing it for at least 100 more. Some trivia about me. It should be no surprise, but I'm a Hasbro fan, have been all my life. Oh, yeah, that's me as a Ghostbuster when I was a little kid. Handsome boy. Our toys and games inspired me to get into the industry. In fact, I'm one of the youngest people ever to sign an inventor's NDA with Kenner, the toy company from my hometown of Cincinnati we acquired back in the mid-1980s for an action figure idea I pitched when I was 13. For me and for thousands like me at the company, success is more than just numbers. It means keeping the flame of fandom bright for generations to come and sharing the human energy of play from one generation to the next. With that in mind, our strategic review hasn't just been a chance for us to explore our business opportunity. It's highlighted the special values that drive each and every one of us to do our best for the fans and brands we care so much about. Be playful and fearless as you jump in muddy puddles. Be informed and prepared because knowing is half the battle. Think about the bigger picture and be generous of spirit as we contribute to the community chest. Challenge one another, but win together as we follow the old dungeon crawler mantra of "Don't split the party." Finally, always assure we create a culture of diversity and inclusion as we appreciate friendship is magic. These are the values that drive the spirit of diversity, globalism, and community that inform how we do business and keep our brands so vital and enduring. That's it for me. We have an amazing set of speakers from across the company for you here this morning. They'll talk more about Hasbro's leadership as a branded entertainment company and the transformation we have planned to drive our growth and profitability across our Blueprint 2.0. We'll end with the Q&A and luncheon where you can meet the members of the team. I wanna thank each of you again for coming this morning. We're gonna cover a lot of ground today, so I wanna make sure you take away these, let's see, three points. First, we see a big opportunity to unlock value at Hasbro with 50% profit growth over the next three years, fueled by special emphasis on direct, digital, and immersive entertainment experiences, all informed by a category-leading investment in data analytics and customer insight. Second, we are addressing our business with discipline and urgency. We are focusing on the brands and categories with highest growth, and we are behaving like a global branded entertainment IP leader, not just a toy maker, monetizing our brands wherever and however it makes sense, supported by rigorous KPIs. Finally, across our business, we have a bold plan for growth that starts now. Supported by a category-leading games business, a blockbuster entertainment lineup, exciting product innovation, lucrative new partnerships, and a commitment to operational discipline that will drive over $250 million-$300 million of run rate savings over the next three years. As a fellow shareholder, in fact, one who recently invested personally over the last few months, I hope you're as excited as I am for the journey ahead. This is a new team with big ambitions who are hungry for the win. Now I'm gonna turn it over to that talented team, starting with our President and Chief Operating Officer, Eric Nyman. Eric. Nice. Good morning. It's great to see everyone. As Chris noted, this is a new day for Hasbro, and we are intently focused on the strategic evolution of our blueprint with the introduction of Blueprint 2.0. With the consumer as our North Star, unlocking brand value through the lens of multigenerational play takes on even more importance. For us, that means an integrated and disciplined approach across all consumer touch points, toys and games, digital gaming, entertainment, and licensed consumer products. Again, brands and content will fuel our Blueprint 2.0, but the consumer will continue to be the focal point and the spark at the center. As we shift our mindset from toymaker to global branded entertainment leader, we're unlocking all new opportunities. We'll look to monetize our vault of IP across multimedia channels, evaluating what makes strategic sense for each brand to deliver superior shareholder returns. Let me spend a minute sharing some of the ways that we're going to do this. We've accelerated investment and increased focus on analytics and insights to put our consumer at the center as we build multigenerational brands. This is our AIM advantage. AIM is our analytics, insights, and measurement team, which connects all of Hasbro to gather the most relevant and timely consumer data. We have grown investment in AIM by over 30% over the past two years, enabling us to develop key capabilities such as broad proprietary consumer panels, simulated test marketing, and bespoke brand trackers that allow us to comprehensively understand engagement with our brands across entertainment, toy, and digital experiences. In games in particular, through investments in market analytics and direct consumer inquiry, we have an industry-leading understanding of the digital games and tabletop markets. Across Hasbro's digital investments, we engage with over 15 million monthly active users, enabling us to understand their play and spend behaviors. Investment in Hasbro's analytics platforms has resulted in big data systems that are cloud-enabled and data science ready. We are now poised to leverage a unique opportunity to build predictive models and analysis based on combined consumer data across all of Hasbro. These consumer analytics will accelerate our transition from toymakers to brand builders. A key element of our future success will be our laser focus on fewer, bigger, more profitable brands that showcase our leadership in preschool, games, creativity, outdoor, and action brands across an expanded range of consumers. Ultimately, we will leverage scale to deliver both top and bottom-line growth across the company while exiting unprofitable categories and partnerships. The prize? Through more franchise focus and brand building, we will create three one-billion-dollar brands versus one today and drive meaningful growth across our other franchise and portfolio brands. Our most profitable brands will lead the way with a stronger focus on gaming, including Magic: The Gathering, Dungeons & Dragons, and Hasbro Gaming, in addition to NERF, Peppa Pig, Transformers, and Play-Doh. In addition to our franchise brands, we have important partner brands like Star Wars and Marvel. Lastly, our portfolio brands, which we feel have high upside in both revenue and profitability in the future. These brands are uniquely situated to drive Blueprint 2.0 for many years to come. Powered by entertainment and play experiences, they allow us to expand our toy business in categories where we have leadership, our licensing business to reach the consumer in new and unexpected ways, and our direct business to reach fans with innovative, higher-margin products. This approach will allow us to maximize brand value and drive shareholder return. While in the short term we may lose some manufacturer market share in the categories where we choose to out-license, over time, this more profitable approach to brand building will lead to greater overall market share for Hasbro. This approach increases the total addressable market across all toys and games categories, digital gaming, and complementary hard and soft line businesses as more companies will be manufacturing and marketing products for our brands. Now that you understand our approach, let's talk about our three pillars of growth. We are targeting mid-single-digit revenue growth and expansion of our operating profit margin, which will be supported by these key growth pillars. First, franchise brand innovation and games leadership. We've introduced a new innovation investment model across our company with a focused approach to brand development, focusing on manufacturing and marketing on categories where we have the opportunity to be number one in market share globally in a highly profitable way. Gaming, action brands, outdoor sports collectibles, arts and crafts, and preschool. This approach has allowed us to both maximize our existing categories and expand our total addressable market in toy and game to over $40 billion, with our entry into sports collectibles as an example. In addition, it allows us to focus our efforts and move away from unprofitable licenses. In 2021, Hasbro was the leader in four super categories: arts and crafts, action figures, games and puzzles, outdoor and sports toys, which represented 40% of total toys and game sales and a total addressable market of $26 billion across the G10. Through year-to-date August 2022, Hasbro has a combined 12% share among those super categories per NPD. We will drive our franchise brands across Blueprint 2.0 to maximize total brand value and grow that share. To support our core brand growth, we will continue to invest in entertainment and content to fuel the franchise flywheel, taking a long-term view to content creation over three to five years, including animation, feature films, unscripted and scripted TV. This approach creates an always-on strategy, leveraging multiple platforms to reach the broadest group of consumers for many years to come. You'll hear more about this from our teams shortly. Second, our new approach opens up significant opportunity to expand our high-margin licensed consumer products business. When we complement Hasbro's toy and game business with the power of our licensed consumer products team, we not only magnify brand exposure and consumer reach, but we also improve brand profitability through the addition of high-margin items. Our licensing plan will take us to over $400 million in royalties earned over the next five years with a 10% CAGR and an operating profit that is two to three times higher than our company average. This will equate to over $5 billion in retail sales and should position us to be a top entertainment licensor behind only Disney Consumer Products. Hasbro's vault of over 1,500 brands creates a unique opportunity for us to out-license brands or product categories that are outside of our core key focus. Lite-Brite, Tonka, and Littlest Pet Shop all build out the full brand experience for the consumer while generating high-margin returns and creating great upside opportunities. Finally, we are aggressively investing to drive our Hasbro Direct business, inclusive of Hasbro Pulse, Secret Lair, Magic Arena, and our recently acquired D&D Beyond. Hasbro's unique approach to building destinations where fans come first creates a direct connection with our consumer. We are investing for growth and calculated expansion as we double down to serve our high-value fan customers with unique product and brand experiences tailored specifically to their interests. This allows for accelerated growth that is member-led and expands our highly profitable fan business into new categories and geographies. We believe that Hasbro Direct has the potential within the next five years to drive over $1 billion in high-margin direct sales annually. Our Hasbro Direct business is powered today by over 20 million consumer engagements with our goal of over 50 million active consumer engagements across that ecosystem of Hasbro Pulse, Secret Lair, Magic Arena, and D&D Beyond, along with new initiatives that we are actively pursuing. Our teams are here today, and we'll share more about the work we're doing on our direct business. Now, I will outline the significant operational savings opportunity that comes from the Blueprint 2.0 and increased rigor around thresholds for brand investments. We believe that over the next three years, we will build to $250 million-$300 million in cost savings annually with $150 million planned in 2023 alone. This improvement will be driven through our focus on fewer, bigger, better brands, our end-to-end execution, and significant supply chain transformation, all of which will drive profit margin improvements and the ensuing cost savings mentioned before. To ensure our success, we recently established the Hasbro Transformation Office, backed by some of our strongest internal talent, to drive and deliver against the initiatives tied to our blueprint reinvention, capture operational savings, and the associated reinvestment. Let me discuss this in a bit more detail. Led by the HTO or Hasbro Transformation Office, we initiated an extensive review of our cost drivers across the company and identified three key areas of savings. First, our approach to fewer, bigger brands. A right-sized portfolio will improve efficiencies and reduce costs in product development, manufacturing, and overhead. For example, we have already deployed a 20% reduction in item development as we removed inefficient SKUs that weren't generating meaningful consumer demand, which saves both tooling and resource requirements. In conjunction with our focus on play system innovation, this approach will allow us to direct our best resources toward innovation that will generate the greatest ROI. Second, we are doubling down on our end-to-end execution. Through market evaluation, we have identified opportunities for cost savings and profit growth as we move away from a one-size-fits-all global approach to a more bespoke model that best leverages the dynamics of each market. For example, we believe that in many markets, a strong focus on e-commerce is a critical element of our strategy. With 62% of sales being digitally influenced and e-com sales forecasted to outgrow other channels over the next four years, digital commerce will continue to be a critical driver of market penetration. We will find cost savings as we shift out of underperforming geographies focused on brick-and-mortar and migrate those customers to digital commerce solutions. Through our already successful approach, we are currently a leading toy and game manufacturer on Amazon globally, and now we're applying our expertise to other platforms around the world. Leveraging digital commerce solutions will improve our speed to market, extend our consumer reach, and accelerate share shift. Finally, supply chain transformation is a key driver of our operational cost savings opportunity. We are laser-focused on modernizing and developing the capabilities across our supply chain to deliver productivity and performance. Through rigorous analysis on procurement, sourcing, demand planning, and logistics, we have found significant areas of opportunity to drive bottom-line savings and performance improvement to our customers and consumers. We are already in the early days of implementing this plan, and you'll hear more about this in our panel presentation today. Again, with these three bold steps, we will generate $250 million-$300 million of cost savings annually. Before I turn it over to our brand leaders, let me highlight some additional optimism for the coming year. With the Blueprint 2.0 in action, blockbuster storytelling, amazing play system innovation, and cost savings performance, we are poised to grow our business. Starting with Q4 this week, we launched the highly anticipated NERF Pro Gelfire, Wordle: The Party Game, and Black Panther: Wakanda Forever in collaboration with Marvel. In 2023, our content calendar is stronger than ever, led by Hasbro's own Dungeons & Dragons and Transformers alongside a strong slate of partner content. Several of these titles highlight our incredible partnerships here at Hasbro with partners at Paramount, Sony, and The Walt Disney Company. Regarding The Walt Disney Company, for over 40 years, we've had a successful relationship covering their Disney, Marvel, and Star Wars brands, and we have a bright future ahead of us. Now, I'm thrilled to introduce several members of our leadership team to talk more about what's to come as we execute the Blueprint 2.0 to drive consumer-led innovation with a focus on bottom-line performance in 2023 and beyond. Coming up, we're gonna bring some chairs, and I will introduce our leadership team. I'm excited to introduce to all of you this morning a few members of our outstanding leadership team, starting with Cynthia Williams, President of Wizards of the Coast and Digital Gaming. Kim Boyd, our Head of Global Brands and Consumer Innovation. And Adam Biehl, our General Manager for Hasbro Gaming. Thank you all for being here this morning. Thanks for having us. It's my pleasure. Let's start with a few brand-related questions. Cynthia, Magic, and I know that there's a lot of interest in Magic among the audience this morning, has tremendous opportunities for growth as we feel it's a true mega platform game. We just announced the deal to bring Warhammer to the Magic universe. Inclusive of that news, what plans can you share today to highlight this substantial opportunity for our company? Well, Eric, as you know, Magic is on fire right now. It's on track to become our first billion-dollar brand, and this year we've set a very high bar with every tentpole release setting over $100 million in revenue. We're forecasting double-digit growth for the brand this year, led by a strong growth in tabletop. We have plans to continue this growth of Magic by partnering with some of the biggest names in entertainment to reach hundreds of millions of new fans through our Universes Beyond products. In the fall of 2023, we are excited to bring the original fantasy blockbuster, The Lord of the Rings, to Magic. Now, we anticipate this to be one of our biggest sets ever, with even greater revenue and profitability potential than our other tentpole sets. In addition to The Lord of the Rings, I can share news today of two exciting new partners for Magic that you'll begin to see in 2024. We are proud to announce a partnership with the acclaimed video game franchise, Final Fantasy. They're celebrating their 35th anniversary this year, and Final Fantasy is a role-playing game that is beloved by fans, and they've sold over 173 million units of that game to date. Our second is Assassin's Creed. It's the best-selling action stealth franchise, and they've sold over 200 million units of this game to date. Now, another growth opportunity is direct to consumer. In 2019, we launched Secret Lair, which is a highly collectible line that features high quality art treatments and partnerships that are aimed at collectors. To date, this business is high growth with meaningful revenue that is additive to Magic. Now these are low risk, limited edition sets that allow us to quickly experiment and gain insights from our fans on the treatments and the settings before we decide if we want to incorporate them into our core Magic sets. All right. Well, thank you, Cynthia. I know I'm super excited about some of those things, especially The Lord of the Rings news. That art is beautiful. It's so beautiful. People are gonna love that set. Yeah, no, it's awesome. All right, switching gears a bit. In 2007, Hasbro launched the first Transformers major motion picture, and that took that brand to incredible heights. We expect the D&D movie, Honor Among Thieves, launching in March 2023, to have the same potential to expand that brand. Maybe Cynthia and Kim, you can both talk on this one. How is Hasbro approaching that D&D opportunity to take advantage of this great theatrical event? D&D has never been more popular, and we are uniquely positioned to capitalize on Hasbro's blueprint. The strategy will help us to grow and engage our audience with digital games like Baldur's Gate 3, our acquisition of Dungeons & Dragons Beyond, and with the upcoming release of the feature film Honor Among Thieves. We are thrilled with the momentum that we are already seeing on D&D Beyond, with accelerated user acquisition on the platform already showing a 20% increase in total registered users. Based on the data from the trailer's debut following San Diego Comic-Con debut, we expect the film's release and additional brand and pop culture moments to continue to have a positive impact on the acquisition of new players. We acquired the platform to strengthen our connection to our players and to power our next phase of product development, user acquisition, and live service tools because they provide us valuable data-driven insights. With D&D Beyond, we have a window into how fans are playing the game daily. Even when they're playing around a dining room table, many of the fans are using D&D Beyond as a companion app on their phone to make the experience even better. This gives us a look at how people are playing in their homes that we never had before. Totally. Let me give you an example. Dungeon Masters, now these are the people who guide you through the campaign when you're playing. Yeah. They make up about 20% of our audience, but currently, they make up the largest share of our paying players. For the rest of the players at the table, we have learned through D&D Beyond that character creation and customization play a big part. Now these are key aspects of role-playing, and they're a highly prized element of player expression, especially in digital games, and particularly among Gen Z. On D&D Beyond, over 80 million characters have been created by fans so far. Now, imagine pairing that creativity and enthusiasm with a product that rewards and supports deeper customization and could even empower you to put your own face on your own D&D mini using the Selfie Series technology. It's easy for me to imagine that, Cynthia. I know. You would love having that of yourself. As I channel my inner 12-year-old where I was a dark elf playing D&D. I know. Now I can have a Selfie Series sent to my home? Yes. It's a bit of a game changer. It will be a game changer. At least for me. These are the kinds of insights that can improve our player experience, improve our engagement and monetization. Innovations like this could expand our paid player base by up to 30%. We are very excited for the types of opportunities we have for D&D to continue expanding beyond the tabletop to reach highly engaged, multi-generational fans all around the world. That's so terrific. Well, thank you so much, Cynthia. I think that provides a great glimpse of the future for our D&D and Wizards fans. Kim, maybe you can talk a little bit about unlocking the D&D franchise. Yeah. in the toy and game business. Absolutely. We are so thrilled to unlock the D&D franchise across the entire toy and game portfolio. For the first time, Hasbro will launch, Eric, get ready, a D&D premium 6-inch action figure line, the Golden Archive, which will bring to life new movie characters and iconic monsters from the D&D lore. Are you excited? Yeah. For those who know me, my shelves will be breaking. Yes. On the 6-inch news. Thank you. We're also gonna be expanding. There's more, our tabletop games, adding NERF action blasting, and there could even be a HasLab in the future. Stay tuned for more reveals and pre-orders that we are sure are going to ignite an already robust D&D fan base. That's fantastic. Well, thank you both for sharing that news. Sure. Going from strength to strength in our gaming category, as the market leader in tabletop gaming, our Hasbro Gaming team continues to invest in fast-growing segments that they see in the marketplace. Adam, if I can turn it over to you, we're seeing some of those recent opportunities, such as strategy gaming and the miniature business that runs parallel to that, is two significant opportunities for us. Can you share some of the expansive plans that you and the team have put together to address that great opportunity? Absolutely, Eric. We're really excited about Avalon Hill, and that is our adult strategy board gaming business, which we relaunched last year when we brought back the popular HeroQuest adventure game system to a passionate audience of fans. For those of you who haven't played it yet, HeroQuest is a dungeon crawl board game where heroes work together to complete epic quests and battle the forces of evil. HeroQuest is a great example of what we mean by an expansive play system, and it has attracted new strategy gamers to our portfolio. At the Gen Con gaming convention back in August, we announced more new expansion packs for HeroQuest, lighting up fan social channels. New for Avalon Hill, last Saturday, we blew gamers' minds with the relaunch of the Heroscape gaming system on Hasbro Pulse. This fan favorite war gaming system is infinitely expandable through new miniatures and terrain sets. Thus, it's a true scalable platform. With Heroscape, we are leveraging Hasbro's decades-long history, creating beautifully styled fan figures and applying that skill set to create the quality miniatures that the gaming audience craves. Just to give you a sense for how fervent this fan base, we launched this HasLab Pulse campaign on Saturday, and we've already pre-sold many, many game units. Both of these game systems are beautifully designed. With elevated artistry, they deliver on premium price points and will have many waves of expansions to drive profitable sales in the years to come. Avalon Hill is poised to deliver incremental growth and scale by expanding our audience through amazing immersive games, digital-first content, and impactful community management. We see amazing white space opportunity to become an established player in this billion-dollar category. Terrific. Thanks, Adam. I know we're all excited about Avalon Hill and the future of strategy gaming that you and the team continue to pioneer. Moving into the branded toy business, one of the strategic advantages with AIM Insights continues to be building scalable multi-generational platforms of play to address the biggest market opportunities. Two big opportunities of investment that we're making to address the fast-growing market is preschool and the preschool consumer, along with the highly evolving fan consumer. Kim, can you highlight some initiatives that you feel uniquely position Hasbro to gain leadership in those two categories? Of course. At Hasbro, we're continuously innovating and expanding the reach of our brands, and we're hyper-focusing on brands we see the most potential for new diverse offerings and experiences. We have the momentum behind us to maintain and grow our number one share position in the arts and crafts category with our Play-Doh brand. With our acquisition of eOne and the addition of Peppa Pig and PJ Masks and our partner brands like Spidey and His Amazing Friends and Star Wars: Young Jedi Adventures, we feel we are on track to continue gaining market share and moving towards a leadership position in the growing $8 billion preschool category. Powered by our incredible direct-to-consumer engine, Hasbro Pulse, and the growing fan channels globally, we continue to unlock new opportunities to fuel growth and market share in the action figure business. Let's kick it off with Play-Doh and our youngest consumer. Play-Doh is a franchise brand that is poised for growth. It remains the leader in the arts and crafts category. Although it appeals to our youngest consumer, it spans generations, as imagination is in all of us. Yesterday, Amazon Freevee revealed the official trailer and the November 11th premiere date for the Play-Doh Squished. This lively competition show hosted by Sarah Hyland that brings three teams of kids and adults together to compete to avoid getting their Play-Doh creations squished. Squished. Nobody wants to get squished. I can't take it. Of course, as the leader in this space, we'll also continue to expand the portfolio with new ways to play. In partnership with Nickelodeon, we will launch Play-Doh Slime in January 2023. It's a great innovative collab that we're excited to bring to market. We're also leaning into consumer insights that show an opportunity to expand well beyond the can. I'd be remiss to not call out our big fall innovation, which has been nominated for three major toy industry awards and Amazon, Target, and Hamleys hot holiday lists. The Play-Doh Ice Cream Truck delivers every kid's dream Play-Doh experience, and I'm concerned where am I gonna put two of these for my two daughters in our apartment. Shifting to the infant, toddler, and preschool category, which grew to over $8 billion last year, becoming the second-largest super category. As the category has grown, so has our business. We've added close to 1.5 points of share in the preschool super category year to date compared to last year, driven in large part by our queen of preschool, Peppa Pig. Following our eOne acquisition, we've significantly expanded the Peppa franchise across the blueprint, which you'll be hearing more about from Casey and Olivier in a bit. Peppa isn't stopping there. Her global multi-generational relevance and awareness continues to grow. We complement Peppa with character-led brands that bring out the hero in all of us, like PJ Masks, which will celebrate the launch of an all-new spin-off series, PJ Masks Power Heroes, brought to life with an incredible lineup of toys. We also launched Spidey and His Amazing Friends, which has gained tremendous momentum in just a few short months. Looking ahead, Disney has announced their series, Star Wars: Young Jedi Adventures, coming to Disney+ and Disney Junior in spring. We will bring to life an expansive toy line for the youngest Jedi fans. These younger fans continue to be important, engaged consumer base for us, and we're also focused on creating lifelong relationships with fans of all ages. Which brings me to the ever-exciting and robust fan economy, and a growing category being fueled by fandom is sports collectibles category, which up until now, we did not compete in. Last month, we announced Starting Lineup, and we just unveiled the first series of NBA players in partnership with Fanatics and the NBA and the National Basketball Players Association with a preorder that launched on September 22. Today, we are so excited to share that we're expanding beyond the NBA into the NFL. These exciting partnerships will give sports fans and collectors the opportunity to add some of the biggest names in the leagues to their collections and will enable Hasbro to compete in the $5 billion sports collectible market. Congratulations to you and the team on the NFL partnership, Kim. That's terrific. I'll wrap up this panel with a fun one. At this time of year, everyone wants to know what are the hit toys and games coming from Hasbro. What has all of you most excited for this holiday and for the upcoming year to come? You can help the audience on this one. How much time do we have? Adam, why don't we start with you? Okay. Not that much time. We know that games make great holiday gifts for family, friends, and especially kids. We know that families will predominantly choose something from Hasbro. Giftable games like the ones behind me on the screen have delivered unmatched game time experiences across generations, which allows us to maintain the number one market share position in this category. By their nature, these product lifestyles have long tails and high profits. Take Monopoly, for example, our largest Hasbro Gaming franchise and the leading board game brand globally with over 60 million games sold in the last five years. This year, we know that families are starting to get back out and travel again, so what a perfect time to launch Monopoly Travel World Tour Edition, giving players travel-themed gaming adventures around the board. For pop culture fans, Monopoly has collabs with some of the hottest entertainment properties to deliver new and unique gameplay. We've had great success this year with Stranger Things, and for holiday and early 2023, we're excited to launch Monopoly collabs with tent-pole entertainment releases like Marvel's Black Panther, our own Dungeons & Dragons, the highly anticipated Disney+ Star Wars: Ahsoka series, and a few others that we'll announce in a couple months. Plus, we're thrilled to share that in collaboration with Panini, we will introduce a first of its kind NBA-themed Monopoly game that includes in the box Panini Prizm NBA trading cards as part of the game. We think fans are gonna go nuts for these. I'm also really excited about the plans that we have in place for Clue. We know that fandom for true crime continues to trend, and we're reengaging audiences to position Clue as the original brand for mystery solving. With very high brand awareness driven by nearly 75 years of history, Clue is a brand that we are investing in, much in the same way that we have with Monopoly. By investing in Monopoly at the franchise level, we've been able to double that business, and we will look to do the same with the Clue brand, as we feel the storytelling possibilities around Clue are endlessly compelling and engaging. Fans have already been lining up to experience our immersive Clue escape room experiences, and we have plans to continue to increase locations across the country in 2023. We'll be taking an escape room experience into consumers' homes with the introduction of a new escape room gaming platform starting this month with our new Clue Treachery at Tudor Mansion, an escape room adventure in a box that lets players work together to solve a series of mini puzzles to collect clues, escape, and solve the mystery. That's just the beginning. Next spring, we're gonna do a full relaunch of the Clue brand as we update the original game, add new game formats, and host our first ever global game of Clue on social media. In this, everyone can help solve the classic questions of who, where, and with what. With what. That time. That was perfect. We're also working very closely with eOne and 20th Century Studios on the development of the next Clue theatrical release. Lastly, and maybe my favorite, for all of you word nerds out there, you should be super excited that this week, the new Wordle party game is hitting stores, in English-speaking markets. Our teams jumped on this opportunity when it lit up social media earlier in the year and, partnering with The New York Times, developed this game in record time with one of our most successful online presales ever. On Friday, the TODAY show hosted a fun game of Wordle live on air. By the end of the day, the game was number one on Amazon for new toy and game releases, and number 11 overall. Congratulations to you and your team on that, Adam. I know there's a few folks in the front row I see jumping on their phones to play Wordle. Or maybe buying it on Amazon. That's terrific. Thank you for all that. Kim, I know you have a lot of exciting news coming up. I do, yes. I have so much, I'll have to narrow it down. I'm gonna start with action brands. Over the last 10 years, we've built an action brand portfolio that is number one in a $4 billion category, which continues to grow. It's up 14% year to date, and Hasbro holds a 23% market share. In the coming months, and heading into next year, we are celebrating a portfolio of some of the most recognizable IP in the world, supported by an unprecedented slate of new entertainment that we will eventize with our retail partners throughout the year. Transformers will be celebrated with more content than ever before. The theatrical launch of Transformers: Rise of the Beasts, and the new animated series, Transformers: EarthSpark. We talked about Dungeons & Dragons: Honor Among Thieves, hitting theaters in March, are just a few of the key tentpole entertainment events. In addition, our partners at Disney have a stacked lineup with Marvel's must-see sequel to Black Panther: Wakanda Forever, coming this November, followed by Marvel's Guardians of the Galaxy Vol. 3 in May, and Sony's Spider-Man: Across the Spider-Verse in June. From Lucasfilm, The Mandalorian season 3 will be streaming on Disney+ in February. We have fun and innovative toys planned to support all of these fan-favorite films and characters. It's an amazing lineup. Wait, I have one more thing to say. All right. NERF. NERF is number one in a $1.3 billion category that continues to grow. It remains an unrivaled category leader in action-based performance toys, and the brand has continued to innovate, evolve, and transform into the active play lifestyle brand it is today. With aspirations to accelerate NERF to a billion-dollar brand, our focus is to engage and activate the largest NERF audience, bringing in new consumers and extending the lifetime value of the brand. First, for our older audience, we have just launched NERF Gelfire. It's designed for a 14-plus audience, and it's our most competitive audience. This exciting new innovation brings the massive universe of paintball and airsoft to your backyard. This will be a must-have for the holidays. We're also continuing to push NERF to lead pop culture trends and tap into new fan audiences around the world. We're excited to announce today two new collabs, one with one of the biggest influencers around, MrBeast. He's a YouTube star with over 100 million dedicated followers worldwide. We're announcing a collab with Dallas Mavericks NBA All-Star Luka Dončić. Kim, this was totally worth the wait. I know. Finally, just this morning, we officially unveiled a first-of-its-kind sports league called NERFBALL. In partnership with the NFL All-Star, Donald Driver, we announced the first NERFBALL tournament coming in summer of 2023. Developed for competitive sports fans, NERFBALL is a fast-paced, adrenaline-pumping game built for all ages, and fans are gonna wanna play this over and over again. Let's take a look. Ooh, that's right. I'm bustin' move up tonight. Oh, I know. My feet can run off the floor. I'm hooked. I need it tonight. It's just my heartache. Oh, my baby don't lie. It's just that old heartache. Hooked. Don't leave me behind. You know it's hard to cope. Baby, let's dance into the moonlight. She turn on that magic. Strike a pose. I'm totally in too. That looked like fun. When basketball meets NERF, and you can channel the energy of Donald Driver, it doesn't get any better. Only with NERFBALL. Only with NERFBALL. Thank you, Kim. Cynthia, what are you thinking about for the holiday that gets you really excited? Well, I'm gonna give you a two-part answer. All right. First and longer term, digital games is the largest and fastest-growing entertainment sector in the world, reaching 3 billion gamers globally on PC, mobile, and consoles with over $221 billion in global annual revenues. We brought in a first-class team of game makers and leaders with track records of delivering hits that have delighted hundreds of millions of fans all around the world and grossed billions of dollars for shareholders. Now, these folks are located in cities rich with gaming talent, like Montreal, Austin, Raleigh-Durham, London, and Seattle, and we can't wait to share more of their projects soon. Let's talk about the nearer term. For Dungeons & Dragons, on December 6th, we will release Dragonlance: Shadow of the Dragon Queen. Now, our fans have been asking for their. for a long time to be able to bundle both their physical and their digital purchases. We've made that a reality with the acquisition of D&D Beyond. Dragonlance is the first product to have that bundle, and they are performing really well so far. We have also kicked off a playtest for the next generation of D&D, code-named One D&D, and we've asked our fans to help us refine it. In the first 30 days, we've had three times more players sign up than in the entire two-year playtest for Fifth Edition. Now, Fifth Edition remains far and away the most successful edition of D&D, so we are blown away by the enthusiasm and the engagement of our players so early on in our development. Terrific. Now we see this next generation of D&D as being seamlessly played across tabletop, digital, and in a brand-new virtual play space that we will beta test next year that offers limitless possibilities for players to tell their stories in exciting new ways. Let's give you a sneak peek at the future of D&D right now. I never knew, I never had a clue. I never would've thought but I got it, baby, I got the blues. Oh, oh. I feel you now. Sometimes everything's just right. Living easy, all right. Sometimes everything's upside down, you gotta take it easy, all right. I never knew, I never had a clue, but now I do. Yeah. Don't wanna kill the vibe, so you try to keep it light today. It's hard to talk about, but, baby, don't panic. If you can manage. I got a little something like extra magic. I've had a couple lives and saving up for heaven. You're blessed if it's mine and it's yours, you know I dig that. Terrific. Looks incredible. Thank you. As you can probably tell, we have big aspirations for D&D and the continued execution of the blueprint over the coming year with the premiere of Dungeons & Dragons: Honor Among Thieves that'll be in theaters in March, a great lineup of consumer products that I really appreciate being there for them and video games, and a steady cadence of collectible adventures for tabletop and for D&D Beyond. It's gonna be a great year to welcome more players to the party. Last, but certainly not least, for Magic, today, we are announcing some very exciting products for the brand's thirtieth anniversary. The first is our most exciting collector product ever. Inspired by limited edition beta cards such as the Black Lotus, Magic's thirtieth anniversary edition lets fans and collectors experience some of the most iconic elements of Magic's early years. Now, this is a direct-to-consumer product that will be added to our Q4 lineup this year. I have to say, it is one of the coolest collectibles we have ever put out. Yeah. Somewhere, the Internet is breaking. I think so. I hope so. Thank you for sharing that. It's gonna be great. We've got more. Later this month, we will also release a Secret Lair from Magic: The Gathering's most famous fan, platinum-selling music artist, Post Malone. All of this lays the groundwork for the return of Magic: The Gathering on October 28th through 30th with Magic: The Gathering's 30th anniversary kickoff event in Las Vegas. We anticipate over 500,000 viewers tuned into the virtual event and over 20,000 fans in person over the three-day weekend, where they'll engage with immersive experiences, parties and pop-ups, and most importantly, organized play events. Over the next year, these festivals will reignite our player base around the world. Magic: The Gathering is officially back. That's a lot for our fans to experience in the coming months. In the next few years, I'm really looking forward to showcasing more of our video game lineup for Dungeons & Dragons, Hasbro brands, and original IP. All right. Well, thank you so much, Cynthia, Kim, and Adam. What a terrific lineup. Hopefully, everyone has a much better idea about how these beloved brands will maintain and grow over the several years to come with this great creativity and innovation from your teams. With that, I hope everyone's excited as I am about our incredible banner lineup for 2023. I'm gonna turn it over to our next panel to talk about the stories underway to drive our consumer and fan engagement. With that, I'll welcome up to the stage Olivier Dumont to introduce the next panel. Thanks, Olivier. Welcome again, everyone. We have a great conversation lined up for you today. I'm Olivier Dumont, and I'm the President of Family Brands at eOne. Let me introduce you Steve Bertram, who's the President of Film and TV at eOne, and as well as Casey Collins, who's Head of Licensed Consumer Products and Business Development. Okay. We'll highlight today some of the priority franchise brands driving our entertainment strategy across you know, all formats and genres, and also hear about these entertainment plans you know, which will drive basically really the licensing space at the end of the day. To start, Steve, can you tell us a little bit about the Film and TV business? Sure. Thanks, Olivier. Let's start with a bit of background on our business. Our Film and TV group is set up to develop and produce and market film, scripted TV, and unscripted TV at scale. We bring projects from the early development stage all the way through the production process and out to the market. Historically, our business was primarily focused on the acquisition and distribution of third-party film and television. As the industry has evolved over the past several years and global consumer entertainment platforms have continued to grow, we've worked to transition our business towards a wholly owned content that we monetize through a large network of buyers. We've also built deep relationships with high-end talent that act as the creative architects of our film and TV slates. With the transition of our business to a pure-play content company, we expect to see continued margin improvement. Some of our recent successes, which hopefully you can see on the screen, include The Rookie, which is now in its fifth season, and a new spin-off series of The Rookie called The Rookie: Feds. Both series premiered last week to incredible results. Of course, we're incredibly proud of our series, Yellowjackets. It was recently nominated for seven Emmy Awards and was the second most-streamed series in Showtime's history. We're now in production on a second season in Vancouver, Canada. Of course, couldn't leave this one out. On the film side, a couple weeks ago, The Woman King was released in partnership with Sony. The film, which stars Viola Davis, debuted at number one at the North American box office and has been incredibly well-received by both audiences and critics. You've done a lot of work over the past few years to unlock the value of Hasbro IP, and so particularly obviously through film and TV. Can you tell us a little bit about that also? Sure, sure. Prior to the acquisition of eOne, Hasbro had historically outsourced the development and production of its entertainment content to third parties. As a result, Hasbro's library of brands was primarily controlled by third-party studios. Over the past few years, our teams have worked incredibly hard to recapture those entertainment rights on the vast majority of Hasbro's brands. In fact, I'm pleased to report that as of the end of this year, all of Hasbro's brands will be fully in control of the company. The only exceptions are on Transformers and G.I. Joe, where we're very proud to retain our incredibly valuable partnership with Paramount. With all our brands free and clear, we see immense strategic value for the company going forward. We now have both creative and distribution control across the entire Hasbro portfolio, and we can preserve the value of entertainment for the benefit of Hasbro. Our teams have been hard at work developing film, scripted TV, and unscripted TV concepts that we believe will fuel our content slates for years to come. Throughout that process, our creative groups have been working hand in hand with the Hasbro brand, merchandise, and planning teams to determine which brands and projects will bring the most value to Hasbro. We've been able to leverage our relationships with a variety of high-end creative talent across the industry, and we've attached an exciting group of producers, filmmakers, showrunners, and on-camera talent to many of Hasbro's beloved properties. While the past two and a half years were focused on the intense creative development of the Hasbro entertainment portfolio, we expect that over the next couple of years, we'll see this work really start to bear fruit with a steady flow of Hasbro entertainment releases. In fact, today, we have projects in development across 35 individual Hasbro brands, and we have 10 television projects set up in paid development at various networks. We're currently in production or post-production on six individual properties. Going forward, we're targeting a consistent annual volume of one to two feature films, two to three scripted series, and three to four unscripted series. We believe that as a result of this slate, we expect that by 2025, we will grow Hasbro entertainment business to five times its current level. Of course, we're expecting a steady stream of new project announcements in the coming quarters for so many of Hasbro's beloved brands, including Power Rangers, Monopoly, Play-Doh, and many more. Another top focus across Hasbro and eOne is, of course, Dungeons & Dragons and the epic feature film that we're producing and will be released by our partners at Paramount in March of next year. Steve, can you tell us about sort of the work that you and your team have done on the movie? Sure, sure. Well, Couldn't be more excited about this one. Hopefully, everyone's gotten a chance to see the trailer, and I think it might be. It's going to be running in the background, maybe. Like I said, we couldn't be more excited about this one. Dungeons & Dragons: Honor Among Thieves will mark our first major tent-pole theatrical release as Hasbro's entertainment studio. We've got a tremendous creative team on the film, both in front of and behind the camera. There it is. The film is on track for a wide theatrical release next spring on March third, 2023. If the response to the trailer is any indication, audiences couldn't be more excited to see the film. Back at July's Comic-Con event, we revealed the trailer for the first time to a sold-out panel, and we hosted an immersive in-tavern experience which brought fans completely into the world of D&D. We couldn't be more thrilled with the response. The trailer generated 171 million global views in the first 7 days after its release. On the day of its launch, it trended both number one on YouTube and number two on Twitter in the U.S. We're very happy with the social media response on this, which has been very positive from both fans and non-fans alike. Why don't we let a clip speak for itself, and I'll stop talking, but this should give you a sense of the action, scale, and humor that we believe truly delivers on the brand's promise. Let's take a look. Can we see more? Oh, come on. I guess, we're gonna have to wait five months to see what happened to Chris Pine. Yeah. Hopefully, he made it. That was the film. Earlier this year, you may have seen that we announced development on a scripted TV series also based on D&D. The series is written and directed by filmmaker Rawson Marshall Thurber, who's best known for major films like Red Notice and We're the Millers. We're positioning the series as a splashy entrance into the world of television, which will allow us to engage and expand our consumer base beyond the release of the film. We took Rawson out to buyers just last week with a fully fleshed out series pitch and a pilot script, and the response from the buyers thus far has been really great. We expect an exciting update on this very soon. Casey, what licensing opportunities do you have planned related to the film? Well, I think Steve's done a great job of giving my team an amazing trailer to work with, so it's made our job quite easy up to this point. With a blockbuster theatrical release planned for 2023, licensing has a unique and incredible opportunity to both extend our reach with current gamers and expand our demographic reach with a whole new generation of fans. With the brand's multi-generational audience and a healthy mix of male and female gamers, we are activating across the brand blueprint, building broad multi-category product programs. Our category expansion will focus on role play adjacencies, specialty games, apparel, accessories, collectibles, and home. Our publishing team is building comprehensive programs supporting the movie from children's storybooks to adult novels. Our publishing partners include Penguin Random House, HarperCollins UK, and Egmont. We're exploring several options with our existing D&D digital gaming partners to integrate celebration of the movie around the release window, while we additionally drive integration with major video game products already in market and develop new licensed products for major gaming publishers. Finally, our location-based entertainment team continues to expand the Wizards Play Network in over 6,600 retail locations, providing a platform where fans can play and experience the brands and engage with millions of fellow gamers anytime, anywhere. I'm personally super excited to see the D&D brand, you know, sort of reach new heights as we collectively apply our brand management expertise to this and other amazing, you know, sort of Hasbro brands. We have the talent and relationships to activate these brands in new and exciting ways and grow them to be commercially, you know, sort of valuable and resonate with fans, you know, over the many years to come. Our brand management strategy starts and ends with the fans. Our creative choices are informed by data which is gathered through focus groups, testing, our own digital platforms, and, you know, sort of data set acquisitions, as well as simply being attuned to consumer tastes and trends. Peppa is such a great example of the success of this approach. The preschool category is a big priority, you know, for eOne and Hasbro, and Peppa sits at the heart of it. In 2024, we will celebrate Peppa's 20th anniversary, which is an incredible achievement, and there's no slowing Peppa down. We can see here a snapshot of the new Peppa content we have planned across all media leading up to the 20th anniversary milestone. We're planning a full blueprint activation across TV, content, toys, licensed consumer products, publishing, location-based entertainment, live entertainment, theme parks, and more. That will keep Peppa at the forefront of the preschool space through 2024 and onwards, you know, sort of for the next 20 years. Through it all and working closely with, you know, sort of with Casey's team, we'll engage new audiences and uncover new commercial opportunities to Peppa, you know, to propel the Peppa brand to new heights. Casey, can you tell us a little bit more about some of the licensing initiatives on Peppa? Sure. I think Kim said it best earlier. Peppa is the queen of preschool in the licensing business. We remain focused on ambitiously expanding our merchandise depth and breadth, scaling opportunities with adjacent toys, accelerating our apparel, accessories, and footwear businesses, and secure new halo partnerships to drive cultural conversation and relevancies while we continue to optimize post-COVID category opportunities in food and beverage, personal care, and wellness. 2023, we will see the launch of our massive Learn with Peppa initiative, with over 90 books releasing from Penguin UK in January, followed by a similar release in the US by Scholastic in June, in addition to our top-performing World of Peppa app. In addition to the theme park experience we have already in the U.K. and Germany, we recently opened the first ever Peppa Pig theme park in Orlando and our first ever Peppa Pig Play Café in China. I'm proud to say today that we are currently the number one restaurant in Hangzhou. The brand. It's true. Number one. Look it up, Peppa. Look it up on Yelp, if you would. These brand expressions allow us to deliver immersive consumer experiences while building powerful connections to the Peppa brand. Okay. Now turning on to Transformers. This is another brand that all three of us are, you know, sort of super excited to collaborate on to bring on to multi-generational fans in a refreshed way through film, TV, and toy content. Here's a peek at our long-range planning content vision for the brand. You can see that across film, TV, games, and more, we have an always-on strategy to engage fans across generations from preschool to adult through 2027 and beyond. First up, we're very excited to release Transformers: EarthSpark next month. We're just wrapping up production on this new animated series for kids. It launches on Paramount+ in November and then onto Nickelodeon in the U.S. and internationally, as well as additional linear and nonlinear platforms around the world. With our partners at Paramount and Nickelodeon, we are so pleased with the show that we've decided to develop a second season, given the high results we got through focus group testing. As I touched on earlier, we really wanted to deep dive into data and insights to develop this series, and we saw strong approval through our testing on both kids and parents. Let's take a quick look at Transformers: EarthSpark. You think anyone's ever been down here before? Somebody had to leave that. What's happening? Robbie. What are they? No way. You're a Transformer. Bumblebee, I have a new mission. Train our youngest members. Yeah. Transforming is easy. It's literally our name. The first of Cybertron kind to be part of our world. This one. I can think of no better human protectors than you and your family. Optimus always sees the bright side, even when there isn't one. Arachnamech, tear them limb from limb. Stand down, Mandroid. Bumblebee? I'm not leaving until you're safe. Transformers: EarthSpark. Stream with your family this fall. Exclusively on Paramount+. Steve, your team are also preparing sort of the next installment in the Transformers movie franchise. Can you tell us a little bit about that also? Sure. That's right. Very excited. We're currently in post-production with our partners at Paramount on the seventh installment of the franchise, which is called Transformers: Rise of the Beasts. The film's on track for a release next summer on June 9, 2023. Okay, with this film, we're finally gonna see the highly anticipated introduction of Transformers beasts into the entertainment universe. Fans have been waiting to see the beasts brought to life on screen, and I'm sure this guy will agree. I'm already excited. that it's a huge merchandise opportunity for the business. Today we wanted to show you an early sneak peek of the film. Let's take a look. Pretty fantastic, right? Amazing. That's not all. We have more. In addition to Rise of the Beasts in summer, which is coming next summer, we're also currently in production with Paramount on a feature length animated film that will be the big event for the following summer. It's currently dated for July 19, 2024. The film's not yet titled, but we see this as a four-quadrant tent-pole release in the vein of Spider-Man: Into the Spider-Verse. We have Josh Cooley set to direct. He's known for his work on Toy Story 4, which won the Academy Award for Best Animated Feature Film in 2020. Casey, tell us what you're gonna be doing with all of this in licensing? Well, I have to say, first of all, Olivier, what you and Steve have done with the Transformers franchise and the eOne team is truly amazing. Really now with a three-year continuous stream of new storytelling, licensing could not be better positioned to fully exploit this content. Expanding our multi-generational fan base with an array of category opportunities for our youngest fans in apparel, accessories, footwear, back to school, home, domestics, food and beverage, party, and sporting goods. We are immensely proud of the innovation delivered through our Transformers licensed collaborations, including LEGO's Icons Optimus Prime, that drove over 54 million media impressions in the first 24 hours. Our app-enabled, fully functional robot from Robosen Robotics. These partnerships allow us to bring the iconic Optimus Prime to life in never-before-seen ways. For our adult fans, we will further fuel our already very successful collectible business and further expand our category depth in apparel, accessories, FMCG, and electronics. We are attracting new fans through successful mobile game collaborations, including Mobile Legends: Bang Bang, Top War, and World of Warships on console and PC. We have additionally added new content to the portfolio of live games, including Transformers: Earth Wars and Transformers: Tactical Arena on Apple Arcade. Finally, our first ever Transformers theme park land, Transformers Metrobase at Universal Studios Beijing, is open now and performing extremely well. This experience allows us to not only have a direct relationship with our consumers and fans, but also serves as a huge venue to sell all of our amazing, innovative products. Casey, given the way we're implementing a brand-led vision for Hasbro, with a focus on long-range planning, how does this, you know, sort of change the outlook for licensing and merchandising? Yeah, it's really a game changer for us. Hasbro's focus on long-range planning, brand planning, fully supports our ability to take a franchise-first approach. With corporate alignment priorities and resources allocated to mining consumer and shopper insights and brand building, my team can activate the brand blueprints in more innovative and scalable ways, giving our partners more time to drive product innovation and category disruption. This allows us to focus, scale, and unlock accelerated revenue and margin growth for our priority brands. With the focus on pure franchises, you know, sort of where do you see the opportunities for all the Hasbro brands in the Hasbro portfolio? Yeah, I mean, we see significant potential at Hasbro's broader brand portfolio. As a result, we have formed the Hasbro Classic brand team within the licensing organization. This team's gonna be focused on exercising and renewing our IP. They're gonna push the boundaries on their potential and ultimately drive profitable growth. We've already successfully proven this model with Tonka, which celebrates its 75th anniversary this year and remains on pace to deliver a record-breaking year. Lite-Brite is another example and has experienced renewed cultural relevance with a Stranger Things partnership and innovative product extensions such as our wall art for adults. The team's just getting started. We are energized about the potential scope and scale of brands like Playskool, Easy-Bake Oven, Littlest Pet Shop, and Cranium that we can renew and properly monetize. We're always on the hunt also for new entertainment opportunities to re-energize existing brands and introduce to new audiences. For example, we're elevating My Little Pony from an iconic, you know, toy into a worldwide entertainment universe across multiple verticals, including toys, games, publishing, music, gaming, and more. You saw, you know, last week our latest CG series, Make Your Mark, debuted on Netflix. This builds on the momentum of last year's successful launch of the movie, The My Little Pony Movie, also on Netflix, and it's still, you know, a top-ranking film on the platform a year later, which is extraordinary. We're also continuing to build out the Power Rangers brand with new content in the works for all ages for the coming years. The second season of Power Rangers Dino Fury has started rolling out worldwide. It premiered in September in Canada and is now rolling out in the U.S. It started just a few days ago, so the show debuted in Canada, you know, with a demo on, you know, on English and French Teletoon channels and really did super well on kids six to 11. Then the brand also will celebrate its 30th anniversary next year in 2023. We have you know, exciting new content for it to mark the milestone. We have a third season of Dino Fury, which will be called Power Rangers Cosmic Fury, and we also have a special that will reunite some of the original cast members and legacy characters of Power Rangers again to celebrate the 30th anniversary. Production is underway now in New Zealand and the specials and the series will be releasing next year in 2023. We're continuing also to leverage our infrastructure and talent to develop brand-new IP, and we're very excited about our new preschool series, Kiya & the Kimoja Heroes. It's the only girl-led preschool show that celebrates diversity and combines everyday passions with extraordinary powers. The show follows a seven-year-old Southern African girl and her two best friends as they become superheroes ready to defend their community. We're proud to be working alongside incredible local African talent to bring an authentic voice and perspective to the series. Judging by the testing that we did, more testing. Mm-hmm. You know, data-led programming, we expect a great response from kids and parents, when the show launches globally next year. Let's take a look at Kiya. Hey. You. Well, good morning. Got you. Sun is right up above. Doesn't matter which one I use 'cause today I can't lose. Dancing like I got ants in my pants. Yes, I woke up in a wonderful mood. Birds are singing. There's not a cloud in sight, son. The weather is so nice, dude. There's only one conclusion. Think I'm looking up. It's a beautiful day. Kiya serves a clear unmet need for the junior alpha generation and will roll out across Disney+, Disney Junior, and YouTube globally in spring and summer of 2023. Casey, your teams have been great to work with on this one. Can you tell us a little bit more about your, well, I guess your publishing plans in particular on the brand? Sure. Well, thanks first of all for being so patient because ever since Olivier told me about Kiya and the show, I've been hounding him to see content, and he's actually shared a few episodes with me. I have to say, this show is so fun, it's beautifully done, and the music is so catchy. It is really a special show. We went out and started talking to partners. Happy to say that Random House Children's Books will be our master publisher in the US for the launch of Kiya. My team and I were just at Brand Licensing Europe in Europe two weeks ago, talking to partners. Everyone's so excited about this. We actually had one of our big partners say they've been turning down other preschool IP because they think Kiya could be the next huge hit in the preschool area. We're excited. Our publishing program is gonna kick off in spring 2024, and we'll have a full host of products releasing after that. so excited, Olivier. Awesome. Thank you, Steve and Casey, for your insights today. Thank you. You know, for this great conversation. Thank you for your attention and, you know, for the energy in the room. We'll now take a 15-minute break before coming back for our next panel discussion. It's gonna be smack at 11, I guess, that we need to be back in the room. Thank you very much. I'm leaving tonight, it's just my heartache. No, my baby, don't lie, it's just that old heartache. Cool. Don't leave me behind, you know it's hard to cope, baby. Let's dance into the moonlight. She's turning on that magic. Struck a chord within my soul. I feel like my love's a loaded gun, just about ready to explode. I'm picking up the pieces, trying to connect the dots. I gotta leave it all to something so I can show the world what I got. Yeah, I got this feeling. Now's the time to let you know. Ooh, that's right. I'm bustin' moves out tonight. Oh, I know. My feet can go off the floor. I'm hooked. I'm leaving tonight, it's just my heartache. No, No, my baby, don't lie, it's just that old heartache. Cool. Don't leave me behind, you know it's hard to cope, baby. Let's dance into the moonlight. Cool. I'm leaving tonight, it's just my heartache. No, my baby, don't lie, it's just that old heartache. Cool. Don't leave me behind, you know it's hard to cope, baby. Let's dance into the moonlight. Ooh, that's right. I'm bustin' moves out tonight. That's right. Oh, I know. My feet can go off the floor. Ooh. Come on, girl. girl. That's right. I'm bustin' moves out tonight. Oh, I know. You know my feet can go off the floor. Yeah, I got this feeling. Yeah, Yeah, I got this feeling. Now is the time to let you know. Yeah, I got this feeling. Yeah, I Yeah, I got this feeling. Yeah, I Yeah, I got this feeling. Yeah, I got this feeling. Everything all the time. I'm hooked. I'm hooked. I'm hooked. I'm leaving tonight, it's just my heartache. No, my baby, don't lie, it's just that old heartache. Cool. Cool. Don't leave me behind, you know it's hard to cope, baby. Let's dance into the moonlight. Cool. I'm leaving tonight, it's just my heartache. No, my baby, don't lie, it's just that old heartache. Cool. Cool. Don't leave me behind, you know it's hard to cope, baby. Let's dance into the moonlight. Cool. I'm leaving tonight, it's just my heartache. No, my No, my baby, don't lie, it's just that old heartache. Cool. Don't leave me behind, you know it's hard to cope, baby. Let's dance into the moonlight. Cool. I'm leaving tonight, it's just my heartache. No, my baby, don't lie, it's just that old heartache. Cool. Cool. Cool. Don't leave me behind, you know it's hard to cope, baby. Let's dance into the moonlight. I never knew, I never knew. I never had a clue. I never would've thought. I got it, baby, I got the blues. Ooh, ooh. I feel you now. Ooh, ooh. Sometimes everything's just right. Living easy, all right. Ooh, ooh. Sometimes everything's upside down. You gotta take it easy, all right. I never knew, I never had a clue. But now I do, yeah. Don't wanna kill the vibe, so you gotta keep it locked today. It's hard to talk about, but baby, don't panic. If you can manage. I got a little something like extra magic. I've had a couple lives and saving up for heaven. Because if it's mine, then it's yours. You know I dig that. Ooh, ooh. Sometimes everything's just right. Living easy, all right. Ooh, ooh. Sometimes everything's upside down. You gotta take it easy all right. Take it easy. All right. Take Take it easy. All right. Take Take it easy. All right. Take it easy. Everything we have to unpack. Yeah, but that's all I got. So let's connect, that's worth a shot. Don't get me wrong. I don't got no answers, but come on. Let's just keep on dancing. Ooh, ooh. Sometimes everything's just right. Living easy, all right. Ooh, ooh. Sometimes you got to take it slow. That's just how it goes. That's right. Ooh, ooh. Ooh, ooh. Sometimes everything's just right. Living easy, all right. Ooh, ooh. Sometimes it's a little upside down. You just gotta take it easy, all right. Sometimes everything's just right. I had a say. It's what I like. Sometimes it can be a little slow, a little upside down. It's all it goes. Yeah, baby, that's just right. Take it easy. All right. Take it easy. Everything we Take it easy. Everything we Take it easy. Everything we have to unpack. Yeah, but that's all I got. So let's connect, that's worth a shot. Don't get me wrong. I don't got no answers. But come on, let's just keep on dancing. Woke up on the right side. Woke up head. The sun was on the bright side. Step up through the night, I like to let the thoughts strive. Through my head. There's nothing but green lights ahead. Things are looking up. It's a beautiful day. Nothing's in my way. I got joy in my heart, joy in my soul, joy in my body. Things are looking up. It's a beautiful day. Feel beautiful. Hey, hey, you. Feel beautiful. Hey, you. Sun is bright up for. Sun gonna rise. Doesn't matter which one I choose, 'cause today I can't lose. Dancing like I got ants in my pants. Yes, I woke up in a wonderful mood. Yeah, the birds are singing. Birds are chirping. There's not a cloud in sight, so. Sky is blue. The weather is so nice, you. Making sure you come through. No, there's only what you do, 'cause lord, things are looking up. Things are looking up. It's a beautiful day. Things are looking up. It's a beautiful day. Things are looking up. Things are looking up, nothing's in my way. I got joy in my heart, joy in my soul, joy in my body. Things are looking up. Things are looking up. Things are looking up, and nothing's in my way. It's a beautiful day. Ah-ah-ah, oh. Ah-ah-ah, oh. Ah-ah-ah, oh. Yeah. oh. Ah-ah-ah, oh. Ah-ah-ah, oh. Yeah. oh. Ah-ah-ah, oh. Ah-ah-ah, oh. Yeah. oh. Ah-ah-ah, oh. Ah-ah-ah, oh. Yeah. oh. Ah-ah-ah, oh. Ah-ah-ah, oh. Yeah. Ah-ah-ah. Feel beautiful. Hey, hey, you. Feel beautiful. Hey, ah, you, ah. I'm excited to feel beautiful. Hey, hey, you. Feel beautiful. Hey, ah, you, ah. Never gonna come down. Please take your seats and silence your devices. A reminder, please no recording or photography during sessions. Our program will begin shortly. Thank you. Never gonna come down. Yeah. Yeah. Never gonna come down. Yeah. Yeah. Never gonna come down. Yeah. Yeah. Yeah. Never gonna come down. Yeah. Yeah. Never gonna come down. Yeah. Yeah. I'm never gonna come down. Gotta get up. Ooh. Gotta get up. Yeah. Gotta get up. Ooh. Gotta get up. Yeah. Gotta get up. Ooh. Gotta get up. Yeah. Gotta get up. Ooh. Gotta get up. Yeah. Gotta get up to get out. How you feel. It's about peace, oh, it's real. Everybody, gather round. Move your body to the sound. 'Cause it's about love and how you feel. It's about peace, and man that's real. All right. Gotta get up. Ooh. Gotta get up. Hey. Gotta get up. Ooh. Gotta get up. Hey. Get down, go ahead. Time won't matter when you know what's next. Get down. Please welcome to the stage Chief Commercial Officer, Matt Austin. Hello, everyone, and thank you very much for that warm welcome. I'm not sure whether you're thanking me for visiting the stage or, you know, applauding your snacks, or indeed the previous presenters, but either way, I'll take it. It's good to see you all and thanks very much for coming back on time. You've heard this morning, actually from Chris, Eric, and the team about a Blueprint 2.0 strategy. Well, I just need to introduce myself. I'm Matt Austin. I'm the new Chief Commercial Officer of about three months or so. Joined Hasbro around three years ago. I'm gonna introduce my fellow panelists in a second. Firstly, I'd like to introduce Shane Azzi, who's also our newest member of the team, joining us as our Chief Supply Chain Officer. Shane, welcome. Kwamina Crankson, our GM and SVP of Hasbro Direct. Finally, Kathrin Belliveau, who's our Chief Purpose Officer. Kathrin. As I said, I'm pretty new to Hasbro, so I'm gonna tee up this little panel and talk a little bit about the commercial markets we have out there around the world. My own personal view when I joined the business a couple of years back was that the depth and breadth of our portfolio is truly industry leading. We have world-class brands that reach across the consumer spectrum, exciting and entertaining everyone from kids to families to fans, as we know. Brands like Peppa Pig, Monopoly, Magic: The Gathering, Transformers, Play-Doh and Avalon Hill are just a few examples of the brands you've heard of capable of leading the categories around the world where we choose to play. If we take the U.S. as an example, our brand reach is incredibly impressive. We have leadership positions in categories that reach over 67% of American households across a very large, diverse society mix. We see this absolutely as a competitive advantage. Focusing on fewer, bigger, better brands only amplifies the opportunity we have ahead of us. Across the G10, the four categories in which Hasbro was the leader in 2021 represent a total addressable market of $26 billion, which we currently only hold a 12% share. We believe, in fact, we know, that we have significant headroom for growth and our plans are designed to exploit this. Our reinvigorated focus on these fewer, bigger and better brands enables us to create more fans all over the world. Let me tell you three ways which we're planning to do this. Firstly, we're optimizing our geographic portfolio. Increasing focus and investment on key scale markets, as well as ensuring we have the right teams, the infrastructure and the capabilities in place to drive our markets. We also know these markets have the highest potential for future growth. That's where we focus. Let's talk about China just as an example. As we speak, our teams are currently pivoting our go-to-market model, and we're focusing on Hasbro Direct and marketplaces, and obviously Hasbro Pulse, to enable us to eventually, efficiently reach a potential 96% of Chinese consumers at a lower cost. This unlocks the headroom for growth in that market of an estimated $13 billion. This is indicative of how we will involve our routes to market around the world, enabling us to efficiently reach our consumers like never before. Leveraging our e-com capabilities, distributor partners, as well as our new planned B2B platform. Secondly, we'll be taking our relationships with our customers to the next level. Our drive will be our customer's key partner of choice. It'll be a key enabler in our transformative growth and will be an ongoing process of ruthless focus and continuous improvement. Our partner of choice focus has seen us make significant recent investments in world-class talent, research and analytics, as Eric mentioned. Of course, combined with our new category management skills and capabilities, this will enhance our knowledge of consumers and shoppers and we'll share this compelling insight with our retailer partners. Simply put, we will leverage the depth and breadth of the Hasbro portfolio together with unique insights to ensure that Hasbro is the indispensable source of category knowledge for our online and offline retailers. Our new Perfect Store and screen initiative is the executional arm of these strategic insights. We will invest heavily in evaluating and improving our in-store execution with the sole purpose of increasing the conversion of our customer shoppers and of course our consumers. We'll take our visual merchandising to the next level, ensuring that Hasbro brands are presented with the industry-leading impact that they deserve, both online and offline. Thirdly, and at a market level, we'll seamlessly integrate all the aspects of the Hasbro consumer products model that you've heard about today, so that the consumer benefits from a true brand experience, regardless of how they choose to interact with our brands. We'll look across, holistically across the consumer, looking at toys, games, location-based entertainment, and licensed consumer products. I'm now gonna turn you over to Kwamina Crankson, who leads our Hasbro Direct business, and it's highly appropriate that I do so. I consider myself, or at least my credit card bill at the end of the month, considers myself to be the leading Hasbro Pulse consumer in the world. Happy to compete with anybody in the room, by the way. Kwamina, just talk to us a little bit more about Hasbro Direct. Thank you, Matt. Yes. We are focused on the incredible opportunity and the billion-dollar adult fan economy. We're on the path to create the destination where you'll be able to get everything you want from Hasbro. We have incredible portfolio of brands, and we've been building on the success and the engagement that we have through Hasbro Pulse. Coming from a fan-filled weekend celebrating our third annual elevated virtual event, Pulse Con, we were able to showcase and sell the latest products across all our brands. We're committed to these moments, and we're fan-focused on delivering these experiences. Now, our growth plan is to continue building the infrastructure and developing the capability and the capacity to serve our consumers through one platform and one shared unique ID. This will enable us to create scalable efficiencies with one platform serving as a hub with rich interactions and critical consumer touchpoints. This will enable us to know our fans deeper across the whole ecosystem and deliver unique experiences, products, and services. Our D2C business is less than two years old, and we're accelerating from hundreds of millions of dollars to a growth path to $1 billion. We started serving fans predominantly in North America. This year's focus was to bring our service across Europe, opening to fans in Germany, France, Italy, Spain, and many more. Our fans and communities have been patient and vocal, so we're focused on accelerating and delivering a breadth and depth through global expansion. This is a direct response to the demand we see in those markets and the goal of serving globally over the next 24 months. Now, our members are a central part of our confidence for growth. Across Hasbro, we have millions of members who engage and we serve, and our goal is to create the valuable relationship that's lifelong. Within Pulse, the members reward us by returning 12 times a year with an average spend of over $1,000. By connecting our fans across our Blueprint, we can deliver more of what they want directly. Next year, D&D and Transformers will give us many opportunities to deliver to our fans across the Blueprint. We remain fan-obsessed and focused on building dream items and differentiated experiences. Our crowdfunding HasLab allows us to bring to market consumer-backed concepts. If they fund it, we make it. Recently, the G.I. Joe H.I.S.S. Tank funded in record time. Marvel Ghost Rider and Avalon Hill strategy game Heroscape are live campaigns that we look forward to bringing and seeing them backed and funded and delivering to them. Now, taking a dream idea and then making it real continues to be why we've launched our personalization platform, Selfie Series. It's building the end-to-end capability to scan an image of you and turn into a toyified 6-inch hero figure. It lets you put yourself on your shelf. This innovative one-to-one custom personalized product, some have just launched, but I want you to see what fans feel. I found joy in my heart, joy in my soul, joy in my body. Looking up. I start looking up and nothing can moan. Look up to the sky. Yeah. Tell me. Hey, hey, you. Tell me. Hey, hey. Just like Martha, weeks before we launched, we took the opportunity to give access to fans out there, even at the Emmys. They were able to select their own character and use this incredible innovation, and we know it's live now in the Hasbro Pulse app. The fan future is bright, and the incredible entertainment ahead. We're just excited to celebrate and bring rich stories to life and deliver innovative new experiences. Whether you're the fan of the brand, stories, or characters, we will have ways for you to engage. Thanks, Kwamina. Really insightful there about Hasbro Direct business. In case you haven't noticed. I think most of you have seen it. You can actually get your own Selfie Series 6-inch action figure made and pre-ordered today out just outside this room. If you're sitting there thinking, "Why should I do that?" I'd turn that on its head and say, "Why not?" It's a 6-inch action figure of yourself. The only challenge will be. You actually have to queue behind me, and I'm British, and as you know, we make queuing a national sport. There's that. I'm now gonna turn over to Shane, our newest member of the Hasbro leadership team, who's gonna talk to you some of the operational excellence and the transformation we're making across that business. Well, thanks, Matt, and good morning to everyone. I'm busy kinda getting pink Power Rangers ready, so after that video, I'm sure that's where I'm gonna be working next. As Matt mentioned, I joined the team back in May, and it's been a pretty hectic time in supply chain anywhere around the world in the last few years. It's been really good to join the Hasbro team, an exciting time to be here, and really good to take the opportunity to get into a deep review of our supply chain. We're really committed to building a supply chain that really builds competitive advantage for this company. We've undertaken this deep diagnostic to really understand, benchmark our performance across all elements of the supply chain to see where the value is. We've established a supply chain transformation office, as you heard, as part of the Hasbro Transformation Office, to really embed and drive the initiatives through. We've accomplished a lot in a short amount of time, actually. We've added some key talent to our team, and we're simplifying our supply chain. Mm-hmm. From this, we have tremendous insights on the opportunity that will enable us to better service the evolving needs of both our customers and our consumers while generating significant savings. You've heard today about the Brand Insights Platform and the focus on building a robust analytics platform at Hasbro. This extends to the supply chain, where we're continuing to invest in both technology and capabilities to have the right products available at the right time and place to serve our consumers. We'll leverage analytics across the supply chain to bring enhanced visibility and predictability to our operations that will enable greater responsiveness and strengthen our overall resiliency. This will enable us to reduce inventories from historical levels, not just from this year, and improve our product availability to our consumers in any channel we serve. Network optimization is also another significant area of opportunity across our supply chain. To unlock this, we're undertaking a detailed analysis and redesign to determine the optimal network for both our fulfillment center locations for both efficiency and customer reach. Mm-hmm. This work is being integrated with our inventory strategies to enable accurate product deployment to bring the lowest cost to serve and drive availability to support key initiatives, such as Matt mentioned with Perfect Store. We are also rolling out a focused productivity program to drive efficiency in transportation and our fulfillment centers to improve flow and enable automation. We're also enhancing capabilities around direct-to-consumer. As you heard from Kwamina today, it's a significant area. We've got very focused consumer operations and focused network strategies in this area. We also continue to evolve our sourcing footprint to better service our global customers and support the growth, but also to minimize risk. Mm-hmm. We have made significant progress into developing high levels of resiliency across our supply networks through the course of this year to enable consistent and reliable product flow, including forward purchasing on key components such as electronics to ensure we have great product availability. We're undertaking a deep strategic review across our supply networks to ensure we have the optimal supply network to leverage both cost, quality, but also innovation, responsiveness, and resiliency. As an example, we've expanded our footprint into Mexico. We've increased the volume going through our existing operations there, and we've also launched our new Selfie Series from our new facility in Mexico. While much of this is work in progress, in its early days, we've made tremendous strides, and we've seen improved stability and performance across our entire supply network through the course of this year, which is enabling us to deliver much higher service levels and stronger product availability. We are very confident that our supply chain transformation will deliver the key capabilities that will enable Hasbro to have the right products available to our customers at the right time and at the right place, along with significant savings to fuel our growth. Thanks, Shane. I think I can't underscore how important this infrastructure development is. You've heard this morning about reaching more and more consumers. Well, this infrastructure is gonna enable us to do that. Three years ago, I joined Hasbro, and one of the reasons why I did that, there were many, I might add, but one of the reasons I did that was because of our strong sense of purpose and how we put that at the heart of our business, both across our brands and, of course, our people. Kathrin, talk to us a little bit more about this purpose and how we can build on it. Sure. Thank you so much, and it's great to be here. Good morning, everyone. As Matt said, purpose is really part of who we are at Hasbro. It's been part of our legacy for the last 100 years. As we undertake Blueprint 2.0 and the plans that the teams have outlined with all of you this morning, we do so with a clear sense of purpose. Again, it's been part of our legacy and core to our culture. Creating joy and community is a really special calling. Today, our purpose strategy is stronger and more relevant than ever. We know consumers expect brands like Hasbro to embrace citizenship, and we know employees around the world, particularly coming out of COVID, are looking to work for purpose-driven organizations. At Hasbro, again, fundamentally, we believe as a management team and purpose is the right thing for our people, our planet, and our business. It's a key pillar in the way we drive profit, grow our business, and attract top talent like Matt. We know from folks like Matt and our employees around the world, when they talk about why they joined Hasbro, it's our incredible brands, but it's also because of who we are as a corporate citizen, and they understand that we as a company are committed to doing the right thing. Purpose also informs our decision-making as a company and as a management team, including navigating recent global challenges, whether the pandemic or heightened geopolitical tensions in regions around the world or needs of our teams locally in our communities. As we think about environment, social, and governance, which I know is a very popular term du jour, ESG, today, for us, it's really part of the daily delivery system for our purpose in driving cost efficiency, employee engagement, and ultimately long-term value creation. I wanted to share just a few highlights specifically about our progress and how it actually drives long-term value creation. You can find a lot of details, a lot of data in our upcoming ESG report, Playing with Purpose, which will be on the Hasbro website by the beginning of November. I encourage all of you to take a look because it's a very rich and engaging report. First, if we think about supply chain responsibility, and Shane has shared with you all of the incredible work that he's doing to drive efficiencies, our teams are really partnering together because at the end of the day, as a company, we believe in the Hasbro ecosystem. We have responsibility, not just for our direct workforce and our people and our communities, but also for the workers in our supply chain. Some of the programs that we've been initiating over the last few years include worker well-being programs, where we launched with our factory partners, and they've been incredibly rewarding and impactful. Just to give you a sense, they include everything from personal financial training to female health, parenting, and family programs. From that, we have seen specific impacts. We've seen worker productivity increase. We have seen reduced turnover and absenteeism in the vendor factories. We have seen an overall strengthening of supply relationships, and reliability. Interestingly, factory management says much of what we've seen at Hasbro, which is they have become employers of choice because of these programs. The value add there has been tremendous, and we look forward to continuing to partner with Shane and his team. Secondly, climate and sustainability. It's top of mind for all of us at the company. We couldn't be more excited as an organization, as a management team, to be setting bold goals. We are looking forward to announcing carbon footprint reduction goals, and I'll give you a sneak peek as to what they are. I can tell you that we've been working across our vendor factories, with our logistics providers, across our gaming and digital gaming business, our owned operated facilities to become more energy efficient and also reduce our use of materials. Earlier this year, we joined the Science Based Targets initiative, and we did this to ensure the credibility, viability, and rigor of our approach in setting greenhouse gas emissions across all scopes. This is a very big endeavor, and we wanted to make sure we were doing it absolutely perfectly. With the Science Based Targets initiative, we will be setting and announcing, hopefully by next year, a 2030 goal to reduce our greenhouse gas emissions, again, across our entire global business, every element of our business, by 42%. We are incredibly excited about that. We'll also be setting a net zero goal by 2050. We'll be announcing those formally next year. Finally, we're also putting in place a climate risk and resilience framework to ensure we're managing the risks, including our supply chain and across our entire global business, mitigating the risks of severe weather events, which we know are becoming more frequent. I just wanted to conclude with a couple of advancements in terms of what we've been doing directly with consumers. One of the things we've been hearing from our consumers and the insights from our fans and all the data analytics that we've talked about this morning is that our consumers are saying specifically with our consumer products that they want less packaging. I think we all know as consumers ourselves, we all want less packaging as well. We announced in 2018 a goal to eliminate single-use plastic in our packaging by the end of 2022. We are on track, I'm thrilled to announce, we are on track to do so. I think it goes without saying our sustainability, packaging, designers, and engineers are among the best in the business to have effectuated this change. We will reduce not only the use of packaging and plastic in our packaging, but also greenhouse gas emissions will be reduced as well as cost savings. Next, our toy recycling program, which is another initiative that we initiated in 2018, also based on insights from consumers. We knew that our consumers wanted a way to take their well-used, well-loved toys and games and turn them into a second use and second life. Our toy recycling program was launched. It's been an industry-leading industry first. In 2018, we announced it in the United States as a pilot program, and it's been so successful that it's been launched now in 12 countries, in North America, South America, in Europe. How it works is our consumers, free of cost to them, can take their well-loved toys and games, and we accept all products that come back. They ship them to our recycling partner. The toys are then broken down into components which are converted into resins and pellets, and then we've designated them for use in play spaces like playgrounds and parks. With this, we've joined hands with our consumers, and we've created this wonderful circle of play. With that, I wanna thank everyone for your attention today. We're proud to be leading the industry. The recycling is one example where we have started an industry trend, and now our toy peers have similar programs in place. Our vision ultimately is that this will become a trend in a worldwide industry program that does good for the world as well as meets consumer needs. I think this morning, I hope we have shared with you how we believe in ESG as a way to drive long-term strategic growth. We're scaling our impacts, and at the end of the day, everything that we're talking about, and I know Shane talked about his supply chain initiatives and Kwamina on the fan engagement as well as our opportunities with customers, we are building an incredible strategic advantage for Hasbro. I'm gonna hand it back to Matt to wrap the panel. Thanks, Matt. Thanks, Kathrin. Big thank you to Kwamina and Shane as well. Hopefully, what you just heard from us is how we'll aim to reach and convert even more consumers around the world with more engagement, operational efficiency and focus than ever before. You've heard from me how we'll evolve our go-to-market strategies, increasing our partnership capabilities with our customers, and taking our in-store and online execution to the next level. Kwamina now talked how we'll leverage our Hasbro Direct model, led by our flagship Pulse program, increasing our global and category footprint and our ability to engage and delight fans all over the world. Shane talked us through how we'll step change our supply chain, delivering our powerful brands and products to our customers and consumers when and where they expect at a significantly lower cost than today. Mm-hmm. Finally, and perhaps most importantly, Kathrin Belliveau talked us through how we'll lead our purpose will remain at the center of our business and how we're gonna leverage this to generate and continue to generate a true competitive advantage. That's it from us. Thank you very much for listening. I'm pleased to say I'm about to introduce our Chief Financial Officer, Deb Thomas. I'll remember, honestly, promise. Over to you, Deb. Thank you very much. Thank you, Matt and team. I appreciate that promotion, I think. You know, thank you to everyone who's here today, who's presented our great plan, and to all the employees who are back in all of our global offices, many of whom are listening in today. Hopefully, you've heard about our plan to deliver long-term profitable growth and unlock shareholder value. As you've heard, we have a plan built on the Hasbro Blueprint 2.0 that through 2027 delivers a mid-single-digit compound annual growth rate that sets us up to achieve $8.5 billion or greater in revenue, operating profit growth of 50% over the next three years, and expanded operating profit margin to 20% by 2027. It generates operating cash flow of $1 billion or greater annually, accelerating over the period. This is underpinned by a plan for operational excellence, which we expect to deliver $250 million-$300 million in run rate cost savings by 2025. We'll invest to grow our business, and we're committed to maintaining our investment-grade rating and returning our excess cash to our shareholders. Our outlook for 2022 was built on the expectation that the macro environment would become more challenging. Inflation is impacting consumers globally. The toy and game industry growth was slow, and our innovation portfolio was Q4 weighted. The loss of revenue from Russia, our lighter entertainment calendar were additional challenges, and I think we can all agree foreign exchange headwinds have since worsened. As we outlined for you in July, the third quarter remains the most challenging, and we expect revenue to decline approximately 15% year-over-year and approximately 12% in constant currency, with operating profit impacted more significantly due to the mix of revenue being different than last year, particularly in setting our consumer product line associated with Q4 entertainment, much of what we saw today, our high margin gaming, Wizards of the Coast, and entertainment deliveries such as My Little Pony, which launched in the third quarter of last year. These are all the things that we outlined at our Q2 earnings. We expect full-year revenue to be flat to slightly down in constant currency, or 4%-5% at projected actual rates. We're maintaining our adjusted operating profit margin guidance of 16% for 2022. We'll begin to see the impact of Blueprint 2.0 this year. The innovation we're delivering in the fourth quarter, entertainment arriving late this year and continuing at an unprecedented pace in 2023, the disciplined investments we're making for the future, and our plan for operational excellence are setting us up for a strong 2023 and beyond. Chris, Eric, and the teams laid out how our focus on the consumer, combined with investing in gaming as a priority, reaching the consumer and being informed through a direct strategy, divesting or licensing non-strategic assets, and prioritizing fewer brands, as well as being focused on operational excellence, will allow us to meet these targets. Now let's walk through our financial plan to achieve these goals. Gaming. Gaming is a significant driver of our top-line revenue target. To achieve this, we have a plan to double the Wizards of the Coast and Digital Gaming segment revenue from 2021's $1.29 billion. Our significant investments in Magic: The Gathering, Dungeons & Dragons, and digital gaming drive a planned high single- to low double-digit% revenue segment CAGR over the next three years through 2024, and a mid- to high-teens% CAGR in the latter years as we begin to see the benefits of our investments in digital gaming. By 2027, we're targeting close to 40% of the segment's revenues in digital, both developed in-house and through high-margin license partnerships. The Consumer Products segment is planned to deliver $1 billion in additional top-line revenue and a low single-digit% CAGR through 2024 as we concentrate on growing only those brands with high margin potential and a mid-single-digit% CAGR from 2025 through 2027. This plan reflects our focus on fewer brands and a shift to higher margin initiatives. We'll license out the brands that don't meet our financially disciplined investment goals for internal development. This will trade off the P&L impact in revenue and cost by monetizing underperforming and dormant assets at a higher margin return, which will drive consumer spending. As Eric and the teams outlined, we have clear plans to gain share in the categories in which we execute best and focus less on categories that deliver below threshold returns, and we want to pursue high revenue through licensing. Finally, entertainment. Entertainment will be an increasingly valuable tool in building Hasbro IP. Guided by Blueprint 2.0, we'll focus on spending behind Hasbro IP and higher return projects, and we'll strategically divest assets which are not core to our strategy, such as we did with 2021's music division. We'll align our content spend across animation and live action to drive low single-digit compound annual growth rate for revenue through 2027. This revenue growth results in high single-digit profit increases as we focus on higher return projects. These projects will be increasingly around Hasbro brands, and around those brands they'll drive return and revenue in all of our other segments. As Chris mentioned, over the last 10 years, entertainment has driven over $4 billion in related merchandise sales for Hasbro. We'll begin to see our greater focus on Blueprint-supported content from our teams at eOne in 2023, with the release of Dungeons & Dragons movie, among other Hasbro properties. We expect to grow our cash spend on Hasbro content 2 x across all mediums in the next two years, driving both short and long-term storytelling around our owned IP. Total targeted spending is expected to be at the low end of our $725 million-$825 million range for 2022, and it's expected to be in the $650 million-$725 million range go forward. To support this targeted growth, we've reprioritized our brand architecture and applied stringent criteria to the classifications. Let's turn now to how our brand categories and how they fit within our different segments. First, Franchise Brands remain our top priority. Beginning in 2023 in the first quarter, we'll report a new group of Franchise Brands which meet our updated priorities for profitable growth. These include Magic: The Gathering, Dungeons & Dragons, Hasbro Gaming, which includes Monopoly, NERF, the queen of preschool, Peppa Pig, Play-Doh, and Transformers. This group of brands has averaged approximately 55% of our total revenue for the past two years and carries a combined mid-20% operating profit margin. We updated our criteria for defining a Franchise Brand to support the significant investment in these properties over time. A Franchise Brand must have a plan to reach $500 million or greater in revenue by 2027 and a 20% operating profit margin target. As you heard today, our goal is to have three billion-dollar brands, and they will come from this category. We'll also look to enter into more co-brand arrangements, which we feel and when we feel that a partner's IP will create revenue synergies with our own brands, in particular Franchise Brands. A good example of this partnership, one I was pretty excited about, Cynthia spoke about earlier is the partnership with Lord of the Rings and Magic: The Gathering. It's leveraging the strong fan base of both of these IPs, and is driving growth in both of these strong symbiotic brands. As Cynthia also mentioned, we're expanding this aggressively for Magic with new partnerships planned with Final Fantasy and Assassin's Creed, along with one I'm particularly excited about, our just-released Warhammer 40K theme set. Revenue from these partnerships will follow the primary Hasbro brand category. Partner brands remain a high priority, reflecting the long-term and deep partnerships we have with amazing IP owners, including The Walt Disney Company for Marvel, Star Wars, and beginning next year, Indiana Jones. As Eric outlined, we're poised to support a superior entertainment lineup in the coming year on top of what's turning out to be a strong 2022 for Hasbro products from Marvel and Star Wars, including the upcoming Q4 Marvel Studios' Black Panther: Wakanda Forever. Margins in the partner brand portfolio will improve as we cycle out of brands and categories that return a lower-than-target profit margin, and we grow our collector segment through initiatives like Kwamina and I talked about in Hasbro Pulse. Portfolio brands. That will include our remaining brands. Within this valuable portfolio, we're focused on driving revenue in the best way that maximizes profit and consumer reach. We'll increasingly license out properties that don't meet a minimum annual revenue threshold and an operating profit margin target of at least 15%. Our current plans have identified approximately $200 million-$250 million of revenue that we're moving to third-party licensing. We'll trade out the costs associated with this lower revenue and low single-digit OP margin product made in-house for higher margin license revenues. We'll ensure the investment in the remaining portfolio brands are right sized to deliver company average or above operating profit and EBITDA margins while assessing their potential to accelerate and become a future franchise brand. Finally, our TV, film, and entertainment portfolio reflects the entertainment our independent studio develops with amazing stories and incredible industry talent. Our branded entertainment will continue to be reported in the categories where the brand sits. For example, Peppa Pig. Peppa Pig revenues from animation, YouTube, and digital gaming are in franchise brands, which is where we report it currently. As I mentioned, we'll begin reporting this brand category breakdown in the first quarter of 2023, and we'll enhance this disclosure of revenue with the addition of operating profit. We'll also provide historical information at that time. As we invest in and continue to grow our over $2 billion gaming business, we'll continue to provide a total gaming portfolio disclosure for revenue. To that, we'll also add operating profit. We'll also begin to report revenue associated with any brand that's $1 billion or greater. Magic: The Gathering is on track this year to be our first billion-dollar brand, having delivered over $1 billion in revenue over the trailing twelve months. Our strategic review has also uncovered significant opportunity to drive cost savings in our business. Blueprint 2.0, coupled with the disciplined cost savings program, has us on a path to achieve a 20% operating profit margin in 2027. Through organizational and supply chain programs, we've identified $250 million-$300 million in run rate savings we expect to achieve by year-end 2025. On this path to operational excellence, we expect savings will be approximately $75 million-$100 million in cost of sales and distribution, led by the work that Shane and his team are doing. Approximately $70 million in product development and royalty expense, and the balance of $100 million-$130 million in selling and admin. We estimate spending approximately $200 million in cash to implement the program, with $20 million spent in 2022, $120 million in 2023, and $60 million in 2024. We expect the savings to actualize in the P&L over the next three years, with approximately $150 million annualized savings by the end of 2023 and $250 million annualized savings by the end of 2024. We focus on what's working best for our business and shed what doesn't add strategic value for the long term, we may also incur some non-cash charges in the next few quarters. As we've begun this program and a disciplined review of our business, we've made the decision to exit certain non-strategic areas, and as a result, we anticipate recording a restructuring charge of approximately $60 million in the third quarter of 2022, consisting of severance, consulting, and write-down on assets being sold or disposed. We anticipate 60% of our savings to come from our consumer products business, where our focus on SKU rationalization, optimizing our geographic footprint, rightsizing our operating expenses behind fewer brands, and supply chain excellence will drive the biggest impact. From a segment profitability standpoint, our focus on fewer brands and cost savings will drive significant gains in our consumer product margins with a plan to build on its low-teen operating profit margins with incremental improvement each year to ultimately reach 15% in 2027. The next biggest opportunity is in corporate expenses, where we project approximately 25% of the savings will come from, including greater use of shared services, IT optimization, and real estate savings. Wizards and digital gaming and entertainment will drive the balance as we heighten our focus on key initiatives, concentrate cash spend on strategic activities, and move more to a shared service environment. Wizards and digital gaming remains a priority investment, and our efforts will be on talent and retention, growing Magic and D&D, and investing and expanding our digital gaming presence. Margins are expected to remain around 40% or slightly higher through the medium term, through 2024. In 2025, we anticipate more significant digital gaming launches with a goal of one to two significant new game launches per year, along with ongoing support of existing live services. This will carry lower margins in the near term, as we depreciate capitalized development costs and incur launch expenses, including player acquisition and advertising. OP margins are expected in the mid- to high-30% range from 2025 through 2027. As this business is projected to grow faster than Hasbro overall, it'll continue to increase as a percentage of our revenue mix, positively impacting overall Hasbro top line growth and operating dollars and margin. Finally, entertainment. Entertainment will have a revitalized emphasis on brand-led storytelling with strategic optimization of the assets within the business. In line with this, we expect to dispose of additional parts of this segment which are not strategically core to our blueprint. While this will impact expected revenue this year by about $20 million-$25 million and in the coming years by $75 million-$125 million, it will improve profit margins. Our plan is to deliver increased growth in our profit in this segment over time. The entertainment created around Hasbro brands will drive higher margin revenue, not just in this segment, but across all aspects of the Hasbro blueprint. As Steve outlined earlier, we've built the value of this business, and we've brought back our rights to drive high profit merchandise revenue. As you see these results, bear in mind that I mentioned previously the entertainment revenue associated with franchise brands will appear across segments, not just in entertainment. Revenue received from Dungeons & Dragons: Honor Among Thieves is a great example of this value creation. Our business is highly cash generative as well. This year, we committed cash of over $255 million, $250 million in the short term to build inventory to meet demand, which we couldn't do last year in the holiday period due to the supply chain impacts. As Shane indicated, we're well positioned to do so this year. Additionally, we purchased D&D Beyond for $146 million, and we repurchased $124 million of our shares. as a result, our cash position is, for the third quarter and for year-end, is forecasted to be slightly below our norm. We don't expect this to continue. For 2023, $1 billion is the high end of our projected operating cash flow range. Beginning in 2024, we anticipate generating $1 billion + and accelerating per year in operating cash flow. Our capital priorities are aligned as well to maximizing shareholder value. Our top priority is to invest in profitable growth. This includes high growth opportunities for gaming, including in digital, investments in direct-to-consumer, where we not only sell product, but we gain valuable information on what our consumers want, as well as developing a global data insights platform and modernizing our supply chain. We'll also invest in our talent to ensure we have the best teams with the right skill set to execute our strategy. You heard a lot today about our plans and ambitions in these areas. After investing $1 billion in Wizards of the Coast over the past five years, our plan includes continued significant investment in these brands and these teams to drive these valuable businesses. We have capital spending plans of hundreds of millions of dollars over the coming five years behind our six digital gaming studios that are developing and supporting games for Magic: The Gathering, Dungeons & Dragons, G.I. Joe, and new IP that we can execute around the blueprint. Digital gaming has averaged approximately 20% of our capital spend and is forecast to increase to an average of 30% over the next five years. This investment is a catalyst for incremental revenue growth in the coming years. Tooling for our product manufacturing has been our largest capital expenditure, and over the past five years, it's averaged 56% of our annual capital spend. A focused development strategy aligned behind fewer, bigger brands will allow us to better leverage that significant investment. While our focus on the near term is organically driven, M&A could be a contributor in the future. We'll look for potential businesses that add to Hasbro in gaming, digital publishing, and direct-to-consumer categories, where we see high growth and accretive profit potential. We'll evaluate these with established criteria, including rapid EPS accretion and an internal rate of return higher than our standalone risk-adjusted WACC. D&D Beyond is an excellent example of this type of company and its incredible talent that adds immediate value to our portfolio and will be accretive in the fourth quarter of this year. Due to our consistent financial policy, our aggressive de-levering, and maintenance of our dividend over the past three years, we've delivered on our commitment to bondholders, rating agencies, and to our shareholders. We're committed to maintaining our investment grade rating and anticipate returning to our gross debt to EBITDA target of 2x-2.5x during 2023. We'll return our excess cash to shareholders. Our quarterly dividend is currently $0.70 per share and totals approximately $390 million annually. It ranks at the top of the S&P 500, and we remain committed to our current dividend and believe it represents exceptional value to our shareholders, both in terms of earnings payout levels and use of our cash flow. We'll also be looking to increase our share repurchase in future years as we rebuild our cash position. We see tremendous opportunity in our business that is not reflected in our stock price. As I look ahead to the future of Hasbro, it's easy to be excited. It's an exceptional team with a clear plan, an updated blueprint backed by strong financial discipline to drive results in both the short and long term. Through the execution of our plan between now and 2027, we anticipate delivering mid-single-digit revenue CAGR, achieving $8.5 billion or greater in revenue. Operating profit growth of 50% over the next three years, and expanding operating profit margin to 20% by 2027, generating $1 billion or greater annually in operating cash flow and unlocking significant shareholder value. We see that growth starting now with a strong lineup of brand-new innovation in Q4, a games business with continued momentum, especially in Magic: The Gathering, our first billion-dollar brand, and a blockbuster entertainment lineup. I can never say that word, but I've been working on blueprint. Starting with Black Panther: Wakanda Forever this November. Thank you all for your attention, and really looking forward to sharing in the exciting next phase of Hasbro with all of you as we look forward. Before we end, I wanna turn back to Chris. Thanks, Deb. Okay. Thank you, Deb, and thank you to all of today's speakers. Most importantly, thank you to our employees for all they do every day and to everyone who has joined us in person or on the webcast. I think at one point we had close to 2,000 people on the webcast, so it's pretty good. Before we move on to the Q&A portion, which is coming up next, I wanted to quickly highlight the three points that I made in my opening remarks. If there's anything that I'd like you to take away from today, again, it's these three things. First, we see a big opportunity to unlock value at Hasbro with 50% profit growth over the next three years, fueled by special emphasis on direct, digital, and immersive entertainment experiences, all informed by category-leading investment in data analytics and customer insight. Second, we understand that 2022 has had its challenges, and we can and we will do better. We are addressing our business with discipline and urgency. We are focusing on the brands and categories with highest growth, and we are behaving like a global branded entertainment IP leader, not just a toy maker. Monetizing our brands wherever and however it makes sense, supported by rigorous KPIs. Finally, across the business, we have a bold plan for growth that starts now, supported by a category-leading games business, a blockbuster entertainment lineup, exciting product innovation, lucrative new partnerships, and a commitment to operational discipline that will drive over $250 million-$300 million of run rate savings over the next three years. As I said at the start, I truly believe that Hasbro is a special company with amazing brands and an awesome gaming portfolio, best-in-class teams, like you saw today, and a strong and proven history of play and entertainment innovation. I hope you're as excited as I am for the journey ahead. We're a new team with big ambitions, and we are hungry for the win. I'm incredibly passionate about this company. I even dress up as a Ghostbuster occasionally, as is everyone that you heard from today. We're also very determined to get the job done. It's that passion and determination which is gonna propel Hasbro into our next phase of accelerated growth. With that, I wanna again end by saying thank you. Thank you to the Hasbro management team for working so hard to bring the Hasbro Blueprint 2.0 to life. Thank you to our investors for your trust in us and belief in Hasbro. With that, I'm gonna invite Eric Nyman, our President and COO, and Deb Thomas, I think our Chief Commercial Officer, CFO, and Chief HR Officer up to the stage. We can move on to Q&A. For the Q&A, we have folks with some microphones. All you have to do is just raise your hand and let us know if you would like to ask a question. When you get the microphone, for the folks who are joining us online, it would be great, and for us on the stage, it would be great if you could state your name and what firm you're with, and then ask your question. Hi, everyone. Steph with Jefferies. I have a two-part question on revenue. Maybe Deb, you can answer this one for us. The first question is just on the 2022 change, if you could help us understand within the segments what changed in the guidance. Then as you look out over the next several years to your goals, does your revenue mid-single-digit CAGR embed the loss of or the takeaway of some of the businesses? I think you gave us $200 million-$250 million of out licensing, and then another component to the eOne. Does that, is that factored in or is that gonna be incremental as it happens? Thank you. Well, hey, Steph. Thank you and everyone else who was brave enough to sit in the first row. That's always good to see people who don't sit on the back of the bus first thing. Thanks. I'll take the second part of the question, and then I'll turn it over to Deb for the first part, and she can add whatever she'd like to the second. We have included the decrement on out-licensing. We've included that in terms of decreasing what our owned and operated is, and also what the low single-digit% profit margins were in those businesses. Then we've added on what the licensing revenue looks like and the very high double-digit% operating profits associated with that. Right. As far as we look at this year, and we look at the third quarter in particular, everything that's happening in the third quarter is what we outlined in the second quarter. We've seen a few things shifting into the fourth quarter from the third quarter, and we actually see some things shifting from the fourth quarter into 2023. Not going away, particularly in entertainment, where deliveries drive revenue, and we just see a few things shifting this year. Overall, our segments are, well, they're all doing well, and we're terribly excited about 2023 and beyond, and the entertainment we have coming in the fourth quarter with our partner, The Walt Disney Company in particular. Thanks. Next question. Hey, I have the mic, so I can come up next. Oh, sorry. I can't see with the lights on. That's all right. I see there's two going around now. Jason Haas, Bank of America. I'm curious. Sorry to ask another one about the quarter, but I'm curious, could you provide any color on how this or I guess since its outlook, what the outlook is by segment for 3Q in terms of how consumer products did versus Wizards versus entertainment? I have a follow-up on a longer term question as well. Thanks, Jason. Thanks for coming. I will turn that question over to Deb, but what I will say is we do have an earnings call coming up in a couple weeks, so we will provide more details at that. Deb, anything to add? No. Absolutely. As we said, we had a different delivery cadence for Wizards of the Coast. We had a different delivery cadence for our entertainment segment as well. As we look across our business, it is many of the things that we outlined. In addition to that, we all are looking around at the different investments and portfolios we have. FX is really a bit crazy right now. As we look at that's having an impact for the quarter, which is why we say at proposed rates we think this is where we're gonna be. As Chris said, we really would love to talk to you about the future of Hasbro today, and we have an earnings release in two weeks. We'll be answering lots of questions then. Thank you. Then, as a follow-up on a longer-term question, I'm curious if you talk about what's the expectation within the Wizards segment between the growth of Magic and D&D, and any color on the margin differential between those two business units? Sure. I think I'll do a quick start on that because I have some unique insights on that business unit. I'll ask Cynthia, if she'd like to come up to maybe do a more complete answer. We see the future is bright for the Wizards business unit, both in terms of digital games, our digital licensing business, and for the core brands. Obviously, we announced a ton of new initiatives for Magic: The Gathering. We're very proud to have Magic be our first billion-dollar brand this year, and it's had a wonderful revenue CAGR again. I think you can apply, you know, we've said in the past 12 out of the last 13 years, Magic has grown. I think you can take to the bank that 13 out of the 14 will be the new stat that we'll be using. Gosh, if we haven't shown enough clips of exciting new D&D innovation and content to kinda show what we think is the growth potential of that brand, well, we can throw another clip up on the screen for you if you'd like. Cynthia, I'll let you answer in more detail. We can show more clips, and we can certainly talk about it all. We're super excited about it. We are thrilled that Magic will be the first billion-dollar brand. As you can tell, the team still has plenty of plans to keep it growing. I think you should expect to see Magic growing in the high single digits over a CAGR period. D&D, you'll see grow extensively from the digital investments that we're gonna be making. From both D&D Beyond to video games, to the consumer products that you'll see. We're gonna be doing a lot with Kwamina on our direct-to-consumer. Today, if you read our press announcement, excuse me, you'll see us talk about one of the investments we're making in new talent. We announced our new Senior Vice President for Dungeons & Dragons. His name is Dan Rawson. He comes to us after a long history, decades experience of leadership in technology e-commerce and marketplaces. You can see we are investing in the talent to take us forward on that digital road. Yeah. To the point on margins, our tabletop business in both Magic and D&D is excellent margins, you know, 40%+. Digital tabletop, like D&D Beyond, even more excellent. I don't know what is more excellent than excellent, but it's more excellent than excellent. Our video game margins will be a little less, but still quite good. A lot of that just has to do with how we depreciate capitalization costs associated with development. Great. Thank you very much. I think I called on Linda. Hi. Hey. It's Linda Bolton Weiser with D.A. Davidson. As you talk about all the changes going on in your business, everything you're doing, there's a lot of favorable mix effects that are showing up all over the place. Is there any way to quantify the margin expansion you expect over the many years? How much of that is just mix alone? Have you been able to quantify or analyze that? Well, gosh, I think mix will be a significant portion. I think over the five-year period, mix will be a significant portion, as will be the focus. I think over the three-year period, certainly taking about $300 million of costs out of our business, that has a very favorable impact. You know, that is a favorable impact on our margins, and we believe it has a very favorable impact on the enterprise value. If you just took the multiple that Hasbro has today, that's $3.5 billion-$4 billion worth of incremental enterprise value associated with the company. Deb or Eric, do you guys have anything to share about how you guys think the mix is gonna change over time? Yeah. I think we've tried to outline today what we see as the growth rates in the various segments of our business. As we talked about, the investments in Wizards and digital gaming will drive a lot of that. As we shed the non-strategic things or the assets that we feel are best licensed, or the categories that we don't excel in, and I'll let Eric talk about that a bit, we see that providing incremental margin opportunity as soon as 2023. Yeah. You know, for us, especially on the consumer product side, you've seen us make some pretty bold moves over the last 24 months. We're certainly investing in our own businesses. We highlighted the new franchise brands today. As we move out of a lot of those licenses and less profitable owned brands and move to the licensing model, in that licensing model alone, we generate upwards of 55%-60% of margin to Hasbro and to our shareholders. That's a big difference than the run rate in the consumer product side of the ledger. You can kind of model as we move out of some of these businesses, move into stronger performing brands that we own, and then move more of our business into licensing. We highlighted our goal of over $400 million in licensing. There's a lot of underlying profitability that will be generated there in our business. Yeah. I mean, and last but not least, if you just take a channel view of it, part of the reason we focus so much on direct in today's presentation and location-based entertainment, those are some of the highest margin channels that we have in terms of the type of merchandise we sell and the ASPs we can sell them on. Those are exciting growth opportunities for us. Probably between those and e-commerce, probably our highest growth opportunities. Just a second question, more on the eOne, you know, entertainment business. I guess for us toy analysts, it's a little bit hard to analyze this entertainment business. Is there anything you could tell us about what KPIs maybe outsiders should look at to compare that business to other similar businesses that are competitors? If we think about valuation of that business, what kind of KPIs or metrics? Is it number of properties that you're doing each year? The distribution you're getting for that? Like, what are the KPIs? Well, I'll give a high level, and then Deb is a bit more experienced at this than I am. Certainly, the number of half hours of content you're creating for the TV side for both the scripted and unscripted, certainly the kinds of films that you're generating and what the box office tracking is looking at. Then, the value of the library is considerable. It's the highest margin portion of the business and looking at what the overall amount of content is in that library and the composition of that library. We're very fortunate in that regard. You know, we have Emmy-nominated series like Naked and Afraid. We have hit series like The Rookie and its new spin-off, The Rookie: Feds. The Mark Gordon Library has, you know, monster hits like Grey's Anatomy that we have partial ownership over. That's very cash generative for us. We've added to that library over the past couple of years. You think about the cash spend that we've provided for content over the past few years. I mean, we've spent hundreds of millions of dollars of that content that you're gonna see actual revenues starting to come from next year with D&D: Honor Among Thieves and many of the other Hasbro-branded properties that we'll be seeing come out over the next few years. We'll be growing those, and we'll try to highlight what some of the upcoming deliveries are going to be as well. Thank you. Eric? Great. Thanks. Eric Handler, MKM Partners. Two questions. First, wondered if you could talk about with eOne and the movie investments. I think a few years ago. Brian had talked about being opportunistic to take advantage of some profit participation in films. I think something like upwards of $30 million, depending on the movie. I like the idea of being able to profit off of good content. Is that still in the cards? Well, I certainly think if it's Hasbro-based IP, that's definitely in the cards. What you're gonna see from us in our film and TV division, in particular, 'cause our family brand segment is 100% focused on Hasbro brands. More and more of our content investment, more and more of our talent is going to be squarely focused on Hasbro IP and Hasbro content. I mean, the Hasbro Blueprint, that is our flywheel. You know, Amazon has Prime, Microsoft has Cloud, Disney has theme parks, we have the Blueprint. If there's a big theme that you should take away, focus and scale is what we're thinking about every aspect of our business, whether it's the toy side, the game side or the entertainment side. The way we do that is driving that Blueprint flywheel. Great. Secondly, on video games. The business has proven to be very capital intensive. I mean, a AAA type game could be $100 million to make. A mobile game could be a few million, but tens of millions of dollars to grow its user base. I'm curious, where are you willing to take shots with internal development of video games, and where do you sort of figure out you wanna take the licensing model? Well, Cynthia is gonna be a popular participant. I'm gonna ask her to come back up on the stage. I will talk very briefly about how we think about it. We use what's common in the industry is called a phase gate process, where you have a very small portion of your overall production budget that you spend in different phases that escalate over time. We have very rigorous KPIs and data that we need to see around what we think a game's gonna do. Inherently, it's a portfolio-based business. You know, not everything's gonna be a hit, but you maximize your chances of a hit by really following those KPIs. Cynthia, why don't you take it away how we think about it? I'd say there's a few pieces here. We'll go a little deeper on the phase gate. You start at concept. We'd spend shy of 10% of what you'd spend in concept, and you decide to shut it down or not. Those who progress on do pre-production. You've got to come out of pre-production at less than 20%, roughly. You've got to have a solid business plan that the outside world believes this thing is gonna be successful. You go on into production and eventually release. I've already shut down 1 game. I am not shy about shutting down a game if it is not hitting those metrics. You talked about a portfolio. Let's go there next. There are people who are expert at making certain games. We have a partnership with Larian Studios who's making Baldur's Gate 3. It's already out in pre-release. Many people excited about it on Steam and ready for its release, which they haven't announced yet, but should be coming next year. They are masters at that game, so we were happy to license to them for them to do that. Similarly, licensing has a much higher margin because we're not really investing in that. We just have a piece of the revenue of it. Similarly, we work with people who are incredible at making mobile games. You know, we have done some mobile work for Arena. We'll do some in the future. For the most part, we will lean into triple-A, and we will ask the people who are expert at mobile and doing that. That way, we're able to focus our teams and de-risk our portfolio. Thanks, Cynthia. Thank you. Thanks, Eric. Great. Mike Ng from Goldman Sachs. Thank you very much for the question. I just have two. First on licensing, it was encouraging to hear about the revenue targets for the royalty revenue and the 10% retail sales CAGR. Mm-hmm. Could you just brief us on where we are today in terms of royalty revenue? Is that 10% CAGR an inflection from what we've seen in the past? Is there a reason why there should be an inflection, whether that's greater IP ownership or, you know, content investments? I have a quick follow-up. Yeah. Thanks, Mike. I think a big takeaway on licensing is, you know, we've often talked about the vaults of IP that we have. Well, it turns out you don't make a great interest rate when you stick your cash in a vault, and the same thing with the IP. We're gonna exercise it. We're gonna think about them as Hasbro classics or renewal brands, and we're gonna be able to make money off of those brands because there's a lot of people who have fond memories of them, who like them, and we have a lot of partners who are motivated to drive it. Likewise, we're gonna take the gloves off in terms of what categories we're gonna take our franchise and portfolio brands into. There's a lot of upside potential inside of the toy space and outside of the toy space, like we've seen with LEGO and Transformers. Eric, I'll give you the opportunity to kinda talk- Sure. in detail about it. Appreciate the question. You know, we've already highlighted a few of the hurdles and benchmarks that we're shooting towards in terms of $400 million in royalties earned, the 10% CAGR. We've talked a bit about the operating margin expansion that we get in licensing, north of 50%, in many cases, north of 60% +. So it's a really great place for us to continue to pioneer and drive. As Chris mentioned and Casey talked about, we're really looking at this period of time to be a significant pivot to the approach. You know, we don't typically talk in this industry about licensing Hasbro brands to other toy and game manufacturers. That's pretty new. As Chris mentioned, we're excited about the progress we're making in the early days. You know, the deal with LEGO is a big deal for us. The idea that, you know, I think it was announced today or yesterday, the announcement that we're gonna license out Littlest Pet Shop is a big deal for us and, you know, something that we feel really positive about as we look to grow our business in the future. You're gonna hear more and more about these opportunities in the days to come. We have a 1,500 brand vault. So when you talk about that opportunity, that's very exciting to us. There's also a lot of parallel opportunities. You know, when you think about Transformers and categories that we don't necessarily invest a lot of money in on the manufacturing side, there's a lot of ways to expand the brand. Again, it's a very different approach when you put the consumer at the center versus worrying about how much shelf space you're gonna get at a brick-and-mortar retailer. That's what we're doing today. We're thinking about what is that consumer opportunity and the brand that it represents and all the different avenues that we can unlock with our brands versus, you know, looking at a very linear piece of shelf footage and trying to figure out how we can slot in certain products into that and being worried about competitors if we were to license out those brands. We're very optimistic about where we're going with our licensing strategy, and I think Casey continues to bounce around in his chair every time we highlight a new opportunity like we did today with Dungeons & Dragons. Yeah. Short answer, it's definitely an uplift over what we've seen, and it's really just opening the aperture to the opportunity. Great. Thank you, Chris. Thank you, Eric. Just one for Deb on cost savings. I just want to clarify how we should think about the $250 million-$300 million of savings. You know, I know you mentioned they're annualized. Should we think of those as also realized in the year? You know, how much should drop to the bottom line versus being reinvested in other places? Thank you. Deb. We will continue to reinvest over time, but we expect the $250 million-$300 million on top of our investments to be fully realized by the end of 2025 annual run rate savings. I gave the cadence, and you'll notice there's a difference between $250 million and $300 million. You know, Chris has challenged us to actually find more in the company, and we'll continue to look at that as we continue our review of the business over time. By the end of that year, you'll start to see those savings actualize in the P&L. Yeah. This year, we identified $50 million in annualized run rates. That will really start to materialize in Q4. You should start to see that throughout next year. Mm-hmm. We'll find another $100 million that we've already identified and start to activate on during next year. Right. That will start to materialize into the P&L as we activate it. Great. Thank you, Deb. Thanks, Chris. Hey, can we go up to the front? Arpine. Arpine. Oh, here you go. Thank you. Arpine Kocharian, UBS Investment Bank. In terms of doubling the gaming business overall through 2027, obviously very impressive goal. I was wondering if you could detail what you need to invest to get there, having kind of the perspective of what you put into MTG to bring it to where it is today. Then I have a quick follow-up. Sure, yeah. We had a similar goal in 2018, where we talked about how we'd double the Wizards business by 2023. Managed to complete that around mid 2021. That was a great start on it and gave us a lot of confidence on it. We continue to see a lot of momentum in Magic: The Gathering. We think that's a big brand. We think it only gets bigger as we embrace its role as a play system, that we can bring in both our own IP and exciting new IP that invites in new players and excites our existing players and collectors. We think D&D has an incredibly bright future as an entertainment brand, as a big-ticket entertainment brand, as a major blockbuster video game brand. Keep in mind, there's been over 100 video games based on D&D over its 50 years in existence. Some of them, you know, seminal names in the genre. Baldur's Gate 1, for example, kind of re-kickstarted our RPG games, and we expect Baldur's Gate 3 to be a game of the year contender next year. You know, we see a lot of upside in video games. Digital tabletop, I think that really opens up the aperture for how much money we can make off of D&D and how we can engage and monetize our players. You know, I don't know how many of you are big-time nerds. If you are, I've got a killer new game table coming to my house, so I need people to play with. If you're a D&Der and you sit around the table, typically there's about six people at the table. There's a dungeon master who runs the game, and then there's five players. We make money off of one of those people. We make money off of the dungeon master, typically. By digitizing the game and engaging players and being able to allow them to be able to kind of, you know, peacock out their their player, add new kind of flair to the experience, there's all new monetization opportunities very similar to free-to-play games like you'd see with Fortnite or Minecraft, et cetera. We see a lot of upside there. In terms of an investment perspective, we're going to be at least continuing the same investment cadence that we've been making in Wizards of the Coast for the last several years, if not accelerating that, as more and more games that Cynthia has in the pipeline kinda goes from that concept pre-production development phase into the production phase. Now, those are a little bit too early to be able to share publicly because, you know, they're big investments, and we wanna make sure the announcements on those are fan-focused. I can tell you in future investor days, that will be a major component to what we talk about. Thank you. That's very helpful. Very near-term question. Sorry about that. Could you talk about the health of the retailer and kind of we hear about inventory situation, and there's a lot of concern about lower-end consumer slowing, and me and Eric were talking about actually offline about that. What are you seeing from where you sit today as you look into sort of the- All critical holiday season. Sure. Eric, you want to take that? Sure. You know, there's been a lot of discussion about that clearly around the world. Again, we start with the consumer. If you think about all the different channels we service, I guess the most nearest term data I can give you is that we just completed PulseCon 2022 that Kwamina and his team just, you know, just executed. We had a very successful PulseCon with growth year-over-year. You know, it's clear to us that as we focus our strategy and, you know, maintain our focus on areas like the fan consumer, that there's still opportunity for growth. That said, Deb gave some excellent guidance on Q3. I won't repeat it. We gave our guidance on Q4. I won't repeat that either. You know, as we think about the full year, you know, we guided to flat to slightly down, and we feel like that's appropriate given all the different macroeconomic headwinds and FX rate changes and things like that around the world. We have measured guidance for the year, but we do see a lot of green shoots in Q4 and a lot of momentum that will start in Q4 and will grow into Q1 and Q2 and accelerate through 2023. Among them, seven blockbuster films, each of which are major merchandising opportunities with favorite brands, two of which come from Hasbro or our major partners, and then some just amazing innovation that you guys will be able to experience outside, whether it's Hasbro Selfie Series, which is a direct exclusive, our new Gelfire product from NERF, or just a ton of cool stuff from our Play-Doh and Games brands. Thank you. Gerrick Johnson, BMO Capital Markets. I have two questions. First for Deb. Can you just clarify what you said about revenue shifts from 3Q to 4Q and 4Q to 2023? What were those and why? We did have some revenue shift as we talked about we would with our releases of Magic. We also have some entertainment deliveries that we expect could shift, you know, just based on production schedules from Q4 into Q1. It doesn't go away, it just shifts for when we're delivering. That being said, we're super excited about the deliveries we've had now. Steve talked about The Woman King, which is having terrific results. I think it's premiering in the UK right now, as we speak. It's, you know, just as we look at it, we have some shifts. The things impacting Q3, we talked about in our second quarter earnings. We just wanted to make sure that people, some people heard it because we didn't think they really heard it in Q2. FX, just the actual FX, it's FX rates have moved more than we thought they would. Okay. Thank you. Chris, a softball here. I don't do this often, so don't get used to it. Thanks, Gerrick. Blueprint 2.0. I'm in an elevator with an investor. What do I tell them are the differences, the key differences between 2.0 and 1.0? Well, I think the biggest thing is the sharp focus on the consumer. You know, Blueprint 2.0 is built off of fewer brands that are bigger and more profitable, that are underlied by a Brand Insights Platform that we're investing aggressively in. I know that maybe sounds like, "Hey, everyone invests in brand insights. Who cares?" Well, we did it back in 2016 at Wizards of the Coast, and it kicked off the best growth spurt that we've ever had. That endures to this day. Being able to understand your fans, being able to segment them and build bespoke products for them and expand your channels and categories intelligently, that is such a huge value unlock, especially when you have a portfolio of IP like Hasbro does. Basically, what we're telling you today is we're just on the ground floor of the potential of these brands. These brands should be billion-dollar-plus brands. At least $500 million is our goal, and there's a ton of upside associated with that, and that's why you're seeing the bullishness from us. Thank you. You might have had to click a couple extra floor buttons on the elevator at that pitch, but hey. Yeah. Can you share a little more about the data, you know, what you're investing in on the data side and what's maybe changing there? I mean, I think you probably have a lot of data on me from Magic Arena. You know, that's a pretty obvious one place where you can see what consumers are doing. But I'm curious as we get to physical toys and stuff, how you're able to track that or to establish a closer relationship with the customer. Oh, sure. What was your name again? Oh, sorry. I'm John Prigoff from Artisan Partners. Oh, John, you have an impressive win-loss ratio on your drafts in Arena, so thanks. I wish. It's a combination of things. We are investing first and foremost in people. We're bringing on new people across the business, analysts, economists, data scientists. That's gonna be a major inflection point for us. We're making a lot of systems investments. We're investing in Pulse to have a new kind of integrated e-commerce platform. We are continuing to lean into things like Tableau and AWS and Snowflake and Snowplow to drive, like, our big data systems and integrate across multiple systems. Last but not least, we're investing a lot in direct and digital games, which give us all new levels of insight. Because we're able to invest in those and we own and operate those, we can then extend them logically to our third-party partners. The most logical extension will ultimately be, and this will probably be a year or two, our location-based entertainment and Wizards Play Network partners, where you can start building loyalty programs. We'll start to be able to get, like, this unique view of what your digital persona is, as well as how you shop in real-life environments and how you play in real-life environments. That data advantage will just build over time. It's what we saw at Wizards, and it's what we're starting to see inside of Hasbro as we pursue more volumetric studies, be more data-based, and be more e-commerce focused. I think we only have time for one more question. I think so. Two more? We can go two more. One here and one. We'll cheat. Yeah. Me first? Sure. Okay. Yeah. Drew Crum at Stifel. Another quarter into this economic cycle, Chris, just your confidence in the ability to sustain with Wizards of the Coast. You've, you know, in the past touted its resiliency. What percentage of the business is free-to-play, and do you think that holds up okay? Yeah. My confidence is obviously pretty high. 13 out of 14 years is pretty good. You know, when I started back in 2016, the question mark was, "Is this thing gonna grow?" Actually, in 2015, 2016, we were flattening, and we came up with all new value unlocks. I'm a big believer in the power of talent and the power of people with data, and that's what we did at Wizards, and that's what we continue to do with Wizards. I mean, just look at the kind of people we've been hiring. You know, the head of Kabam, someone who comes from Amazon and Dell, someone who comes from Amazon and Microsoft, someone who comes from leading the Halo franchise back at Microsoft. Those are just a few of the hires that we've made in that business over the last year or so. Across our whole business, just speaking bigger than Wizards, you have people from Mars, Kimberly-Clark, Dell, Apple, Nike. We're bringing in the talent that understands how to marshal data, how to marshal insights, and how to build new channels and save a lot of money in the process. That's what underscores my continued belief in the Wizards business, and that's what underscores my belief in our ability to achieve this plan over the next couple years. Final question. Sorry. We will all be available on the outside. Even though we might not be able to get it on the webcast, members of our management team, even some members of our board of directors, will be here, and we'll be happy to talk more and answer your questions. Perfect. Thank you. Fred Wightman from Wolfe Research. I'll just do one question, given the time constraints. Can you just touch on the evolution of DTC? You guys talked about a lot of the growth opportunity there. Can you touch on sort of as that migrates from sort of collector focus to more what presumably seems to be mass consumers? Mm-hmm. How do you sort of see that evolving in the consumer product space specifically? Yeah. I see a couple different opportunities there. Clearly, I think we've barely even scratched the surface of what we can do with collectors. That market is big, and it's growing. We talk about the agelessness of play, this concept that toys aren't just for kids anymore, games aren't just for teenagers. It's increasingly going older and older and older. I mean, we're building a Snake Eyes video game. We're doing it with the former executive producer of the Batman: Arkham series. He's an expert in that genre. We're not building it for 12-year-olds. We're building it for the core fans of G.I. Joe who are 30- to 50-year-olds, who also happen to be kind of the core fans of action adventure genres and action stealth genres online. We see a lot of upside in the core fan. We see a lot of opportunities in taking the digital fan and turning them into a collectible fan as well. We just hinted at what the possibilities are for print on demand, but we see a very powerful content to commerce opportunity where you play the game, you buy the figure, you have it on your shelf. I think, you know, that tease that we showed of where we see D&D and D&D Beyond is, that's a whole new category and a whole lot of potential for us, and we're getting some excellent operational practice licks with Selfie Series, which in and of itself is an amazing business as well. Eric, anything to add about how we think about DTC evolving? I think your setup was excellent, Chris. You know, we really feel like we're on step one, early innings, all the different, you know, things you could say about being at the beginning of the process. You know, if you think about a couple of the things that we're so excited about, you asked about our optimism, the first is the connectedness across Hasbro. We have a lot of different D2C opportunities that as we start to leverage those across the company, bringing, as Kwamina and Cynthia talked about, the Pulse and Secret Lair together, that's a big opportunity to not only share data but also unlock new opportunities. You talked about Casey's, you know, we talked about Casey and his licensing team, bringing those new product categories to our direct-to-consumer experiences. That's gonna unlock a lot of new revenue for Hasbro. Clearly, as we look at new platforms for expansion, you know, with the Selfie Series for personalization and customization, we're at the very early innings since we've literally launched this week. You know, we see that as a very big platform with a lot of scalable opportunities as we go forward. There's just a lot of these things that we're very optimistic about that we can unlock with our D2C platform and that, you know, if you take the envelope of geography, you know, today we're in only a few markets. We see a tremendous geographic envelope that we can exploit. That's super exciting for us too, and, you know, on and on and on. We can certainly talk about D2C for hours, but I think it's something that we feel very passionate about. The other thing I'd leave you with is most of these things are exclusive to that channel and over 75% of our D2C business today is exclusive to D2C. We still have a wonderful and very large footprint and great partnerships with retailers around the globe. Matt talked a lot about the Perfect Store. We're gonna continue to be able to leverage that business and grow that business while building that direct-to-consumer relationship with our fans, whether it's digitally or physically, and probably with a lot of confluence across both. Great. All right. Well, we're beyond time, so that's a wrap. Thank you all online and in the room again for spending a few hours with us today to learn more about our strategy and why we're so excited about Hasbro's future. As I mentioned, for those in person, we invite you to join us for lunch time to experience some of our newest innovations firsthand and spend some time with our executive team. For those online, enjoy the rest of the day. Thanks. All right. Thank you for attending Hasbro Investor Day. Have a great one. Thank you.