Good morning. Thank everyone for coming. I'm Chris Horvers, JP Morgan's retail and toys analyst. Thank you for joining us today. I'm very pleased to welcome Chris Cocks, Hasbro's Chief Executive Officer, and Deb Thomas, who, or sorry, Deb is from Investor Relations, is also in the audience with us. We'll do some prepared Q&A, and then we'll leave some time at the end for audience questions, and then we also have potentially people online with us. Please feel free to raise your hand at the end and ask a question. We'd like to make this as interactive as possible. Maybe setting the table, starting at a very high level. You've been in the role for a little over a year. Can you share with us what you have been the biggest deliverables during that time, and what your high level priorities are going forward? Great. Hey, first off, Chris, thanks so much for having me. Let me make sure I adjust my Phil Donahue style microphone to make sure everyone online can hear me. A couple things. I've been in role now for about 14, 15 months. Shortly after I started in March of last year, we started a strategic review of the business. I think the biggest thing that we've delivered is the results of that strategic review, which is effectively repositioning Hasbro based on what's made Hasbro successful for our first 100 years to position us for our next 100 years, and that's play. You know, we're a very diversified play and entertainment company, but at the end of the day, what makes Hasbro special is our brands. What makes our brands special is engaging fans as early as the age of two or three, with some of their favorite play experiences and extending that through a lifetime. Aging up those play experiences, making them, more diversified with a Brand Blueprint of engaging opportunities with them, whether that's storytelling based, location based, entertainment based games or toys or other merchandising opportunities. As part of that strategic review, we determined a couple things, and I think this kinda talks about some of the other deliverables that we did. First and foremost, we decided that we were gonna really lean into fewer, bigger brands and categories that we lead in and that we can continue to lead in and drive our profitability and drive our share. Our franchise brands constitute seven. Each of them kind of anchor a core category for us across a diversified slate of toys and games experiences. The second thing we did is we decided, hey, we really need to hang out an open for business sign with our consumers and, just as importantly, with our partners. Leaning in very aggressively to direct consumer, working with our retailers to drive our retail experiences, working with inventors to make sure that they bring their best ideas to Hasbro to enrich our innovation pipeline. And then last but not least, really driving our consumer understanding through increased data analytics and, you know, effectively a more than doubling of the investment we make in direct consumer and consumer data. Last but not least, I think you're already starting to see some significant impacts from this, we also identified significant opportunities to improve our operational excellence and the discipline in which we run the company. We identified a $250 million-$300 million cost savings goal that we call an operational excellence program that will manifest over the next three years. We're on track to comfortably hit $150 million of cost savings this year. We already achieved $35 million in Q1. That cost savings initiative is helping us to grow our operating profit margins, help to pay down some of the inventory management programs we have underway that is common across the toy industry right now, but I think Hasbro is a bit more front-footed on, and help us reinvest in the core business to grow our gaming business, to grow our digital initiatives, and to grow our ability to connect with our consumers and kinda drive that open for business message across our partner ecosystem. Maybe can you talk a little bit about you've recentered Hasbro around play thematically? Can you overlay what exactly that vision is and contrast it to the strategy of your predecessor? Yeah. My predecessor, Brian Goldner, he's a great CEO. He was in charge of Hasbro for over 13 years. He came up with a strategy called the Brand Blueprint. The Brand Blueprint's effectively a classic omni-media engagement strategy with consumers where you take a brand and you engage them across a variety of product experiences, merchandising, licensing, and entertainment. Effectively, we will continue to do that. I think that's a good kind of evergreen strategy for an IP company like Hasbro. I think the biggest pivot between Brian and I is kind of the emphasis between, you know, if Hasbro is into play and entertainment, I think the biggest pivot between Brian and I is maybe he was more oriented towards entertainment, and I'm more oriented towards play. Play has been the thing that's driven our brand relationships with consumers. You know, just go inside of any of your homes, I'd be willing to wager that if you have kids or you know people who have kids, they have a number of Hasbro products inside of their houses. If you go back and think about your own childhoods, chances are you started engaging with one of our board games or one of our preschool items at the age of two or three, you've probably continued to engage them, whether it's through your kids or with family and friends, or if you're a collector like me, in terms of some of our higher-end, more mature-oriented, products like Magic: The Gathering and D&D. Emphasizing play, I think is where the strategic advantage of the company is. You know, when you look at where we generate our operating profit, where we generate our growth, it's really been in our games business and our older oriented collectibles that have really driven a lot of value for us over the last five or six years, and I think will continue to drive value for us. Doesn't mean entertainment won't be a part of our story moving forward, I just think it'll be a right size portion of our, of how we think about our cash and how we think about investing. You know, I think as a result, we're gonna be able to grow our business faster than what we've been growing it over the last five or six years. I certainly think we're gonna be able to drive our bottom line profitability a lot more aggressively. 'Cause if you look at businesses like games is a $2 billion business for Hasbro. The games industry has generally been growing at a mid-single digit to upper-single digit growth CAGR. Hasbro is a $2 billion business in that that generates 30% operating profit today. You know, looking out, we see that games business growing significantly, and we see by reorienting on operational excellence, the ability to significantly improve our profitability in our toy business. Such that, you know, if you look out three to five years for Hasbro, you know, we probably will have better than average toy and game growth prospects, you know, call it mid-single digits, but probably, you know, in the 9%-10% range in terms of operating profit growth, by focusing and scaling our business, by leaning into games and leaning into higher margin play opportunities. Fantastic. Maybe as a dovetail question, so as you think about the entertainment assets, like how will you leverage the entertainment assets different? The eOne obviously is going on, you can only talk limited fashion... Yeah About that. How does the entertainment portion now interface with the core consumer products and the gaming businesses? Well, today we have three business units. We have entertainment, we have toys and games, which we call consumer products, and then we have Wizards of the Coast and digital gaming. You know, right now we're in a sales process for a lot of that entertainment business, particularly the film and TV business that focuses on non-Hasbro oriented IP. Things like The Rookie, the Naked and Afraid kind of reality TV series, those are aspects or assets that are for sale. Right now we spend probably about $600 million-$700 million a year in content investments on businesses like that. You know, there's no guarantees, but right now we have a sales process in going for that, and probably that will be externalized from the company. What will result will be a much smaller footprint of entertainment related investments. Call it, you know, roughly 10% of that overall amount going towards Hasbro-oriented IP. Our investments will be very focused on the mission of play and driving merchandising associated with driving entertainment. So things like animated content or feature films or streaming series that directly tie into a merchandising platform for brands like Transformers or D&D or Peppa Pig. I think organizationally, you'll see us kind of consolidate into two business units. We'll have a games business unit that will drive that $2 billion + 30% operating profit business, and then we'll have a toys business unit that will drive kind of our core kind of classic toy IP, grow those IP and really focus our operational excellence efforts there to really enhance the margins there. We'll have a series of, if those are our two primary business units or verticals, then we'll have some horizontals that will help support those from how we commercialize with retailers to how we think about entertainment that helps support those businesses, digital games development and digital licensing to help kind of take advantage of the next wave of entertainment, around console, mobile, AR, VR opportunities, and then direct to consumer platforms that we're building out as well. Sticking on the consumer product side, you're focusing on fewer, bigger brands. Maybe expand on that a little bit. You sort of teased us a little bit about some innovation in the back half of the year. Can you orient us on what it means to focus on fewer, bigger brands, and how are you thinking about driving innovation across the enterprise? At a high level, when you look at our fewer, bigger, better strategy, it really is saying, it's really trying to be number one or number two in any category we compete in, which is a very classic business strategy. If you look at the five super categories that we're leaning into, first and foremost, we're leaning into games. Again, that's a big business for us, very high growth, very high profitability for us. We've got three power brands inside of that, what we call franchise brands. On the board game segment, you have Monopoly, which is a big kind of consumer product, also a great kind of digital initiative with the new product, MONOPOLY GO!, that we've released with our partners at Scopely. You got Magic: The Gathering, which is one of the leading trading card games in the world and one of the biggest strategy games. It's also our first billion-dollar brand at Hasbro. A very profitable, very vital business for us. Last but not least, you have Dungeons & Dragons, which really leads kind of like the role-playing sub-segment. We just had a very successful movie, Dungeons & Dragons: Honor Among Thieves. We have a TV series coming out for it and a series of video games, around the D&D brand. That'll be one of our biggest growth brands over the next three to five years. You have several toy categories, that we lean in. Our fastest growing category is preschool right now. We have Peppa Pig, we have great partnerships with The Walt Disney Company on things like Spidey and His Amazing Friends, which was the fastest growing new IP inside of the preschool space since 2022. This year, we think we'll have one of the fastest growing new IP releases in preschool with Star Wars: Young Jedi Adventures, that we're partnering with The Disney Company on. You have creativity, which is anchored by Play-Doh. We see that as a nice kind of high-margin, decent growth business that has a lot of white space associated with it that Hasbro can bring in, our unique licensing relationships and story-based play into to really kind of change the nature of the category. You have outdoor, which is anchored by Nerf, which today is really focused on the blaster category, which is one of the biggest sub-segments of outdoor. We believe Nerf has resonance outside of blasters and can really be big in water-based play and other outdoor activities that kids might do in a play field or in their backyard. Last, but certainly not least, we have action figures. Action figures has been a category that Hasbro invented back in the 1960s with the G.I. Joe brand. We have Transformers, we're the licensor for Marvel and Star Wars and Beyblade. That is certainly one of our biggest and most vital categories that we think we can continue to grow into. I guess on the innovation side, have you, under your leadership, have you changed sort of how innovation occurs inside? Is it more you've refocused the innovation more directly on a fewer number of brands? Well, I think we've done all of the above. First off, we have those five focus categories, so we're really focusing our innovation investments in those areas. We're doing it on a balanced basis across our own IP as well as partner-based IP. I think you're going to find Hasbro is more aggressive in working with licensors to build out business opportunities inside of those focus categories. We're also getting much more aggressive with inventors. You know, we have a plan to double our inventor business over the next two to three years, which just kind of brings in new opportunities to, like, power up those franchise brands and those partner brands inside of action figures and board games and creativity and outdoor. Last but not least, you know, we've brought in new leadership for each of those categories. Cynthia Williams runs the Wizards of the Coast business. That's a business that she took over from me. We have a fairly sophisticated R&D operation and data analytics operation there with a pretty mature phase gate process, which we're continuing to deploy in that business. That business has been great. It's been growing at about 14% annual CAGR for the last five years in a row. We continue to see that having nice upside opportunities. She'll be taking over board games and starting to apply that kind of methodology into our board game business as well. We just hired a fella named Tim Kilpin, who's a 40-year industry veteran. He's worked at Disney, Activision, and Mattel. He's helped to found some of the biggest brands inside of the toy industry. He'll be bringing that kind of rigor and methodology that he's explored over his 40-year career to kind of, like, light up our toy innovation as well. I think you'll see more and more results of that as we get into 2024 and 2025. Can you talk about the your excitement level on the entertainment slate this year, and how are you thinking about the lift that could provide your business as you look over the next year? Yeah. For this year, we have one of our best entertainment slates that we've arguably had in probably the last 10 years. Transformers: Rise of the Beasts comes out in the early part of June. That, based on the early tracking that we're seeing, that should be one of the top five releases of the year. We're seeing nice momentum in point of sales on Transformers. Transformers in a down toy market is up 8% or 9% year-to-date, and it's really been kicking up in March and April as anticipation for the film and as we start to kind of scale out our animated TV series, Transformers: EarthSpark, is driving that. You know, Spider-Man: Across the Spider-Verse is coming out, I think, in the early part of July. That also is tracking very well. Spider-Man tends to be one of the best-performing superhero IP out there. We feel pretty good about that. When you just look across the other spectrum of movies and TV show releases, I think we have something like seven or eight major feature films between us and The Walt Disney Company, either that have released already or will be coming out for the balance of the year. Something like 15 or 20 TV shows between kids' animated series and new live-action series. You know, we're just kind of wrapping up with The Mandalorian, which saw a nice little kind of boost for our Star Wars business. We have Star Wars: Ahsoka coming out later this year. We have Young Jedi Adventures, which I mentioned, which is for the preschool audience, which is doing really well. Just a host of other great IP that I think will help to support kind of our overall action business and also some side opportunities we have in other focus categories. Great. Can you talk about, you know, retail order patterns are shifting back to normal from a crazy Covid timeframe. Can you talk about where you are in terms of getting the channel clean? Yeah. How do you think about sort of the order flow into the back half? I think, you know, we exited 2022 a little heavy in retail inventories. I think we probably were better off, relatively speaking, versus the rest of the toy and games industry. We saw good progress in Q1, cleaning up our retailer inventories. Our inventories at retail were down 15% by the end of Q1. We think we'll be at, you know, a fully clean level mostly by the end of Q2. There might be a couple brands here or there, a couple SKUs that we need to go into Q3 on. If anything, you know, our situation at retail right now is we have too little inventory rather than too much. You know, you can go through a Target and, you know, there might be 70% in stocks, which is probably 25 points below what we'd like it to be, particularly when we have these big entertainment windows happening. That's natural. You know, I think the retailers are all trying to, like, clean up their overall categories and overall aisles, they see that, you know, we're leaving a little bit of money on the table at the moment, I think they'll be leaning in, particularly as they see results of our entertainment and our innovation coming to market. That's good. You know, in general, we see 2023 kind of reverting to a more standard buying pattern from our retailers. You know, last year it was, like, closer to a 55/45 H2 to H1 sell-in. Typically it's more like 65/35, maybe even 68/32 is what a typical year will have. We see that manifesting this year. You know, how that's happening is we're tending to have less direct import orders in the first half of the year that will likely be more back-half oriented. Last year was a little heavy in terms of some retailer positions that they took at the end of Q2. We expect those orders to manifest in Q3 and Q4. Generally speaking, you know, I think the whole industry, Hasbro included, is preparing for a holiday, which is a bit more like 2019, where, you know, roughly about 40%-45% of demand for the year kind of takes place in that last six or seven weeks of the holiday period. We're setting up our promotions and our retailer activities and our inventories and open buys, for that scenario. Just to dovetail into sort of your overall view on the health of the consumer. You know, I cover the retailers. Target cut 2Q, you know, comping down mid-single or low single digit quarter-to-date. Walmart's a little, you know, I think more conservative in terms of their view of the consumer. As we look forward, how are you thinking about the health of the consumer, and then how does that present any risk to what you just laid out for the back half? Yeah. I think it's a tale of two consumers. When you look at, like, the top 20% of discretionary income households, particularly kind of like the quote-unquote, collector market or, you know, places like Circana will call them the kidult, that market is staying very buoyant and very healthy, particularly for us. You know, in Q1, our direct-to-consumer business, Hasbro Pulse, which really kind of curates high-end product for the collector market, was up over 40% in point of sale. Our Wizards of the Coast business, which tends to be more oriented to an older, savvier, bit higher income consumer, was up 16% for Magic: The Gathering, 12% overall across the Wizards of the Coast portfolio. We think that consumer is continuing to hold up pretty well, despite inflationary concerns and macroeconomic headwinds. The more general consumer, particularly the more value-oriented segment, they're getting pinched pretty hard by inflation, particularly food inflation, and they're having to make trade-offs. They're also losing, like, some COVID support and social programs that the government put in place over the last couple years. Those kind of pillars are kind of exiting for them. You know, we anticipated that, and we continue to see that'll be a very promotionally sensitive, price-sensitive consumer, likely going into at least Q3 and possibly into Q4. I think the good thing for Hasbro is we tend to be very oriented towards that collector and kind of higher income consumer, particularly for brands like Magic and D&D and our high-end action games and collectibles business. We've got to do right by both sides of the ledger. We've been taking pretty aggressive pricing actions. We've been getting ahead of our inventory so that we're clean for retailer promotions in the back half of the year. We generally went into the year expecting that this would be the environment. If I have a concern for the back half of the year, it's really food inflation continuing unabated. You know, I joke a little bit with our team, but I think it's serious. You know, our competitor right now is more Unilever and General Mills than it is Mattel or LEGO, because, you know, that's kind of the dollar that you're scrapping for. Yeah. Great. Go ahead. Sorry. Sorry. I mean, you've done an amazing job at Wizards of the Coast. Can you just explain, you know? I think they want to capture you on video. You've done an amazing job at Wizards of the Coast over the last three or four years, and you ran that division. Talk about what you did to grow that franchise. Maybe for those of us who don't know it as well, maybe just spend 30 seconds on it and how the business works and how you grew it to be such an amazing business. Yeah. What the prospects are going forward. Wizards of the Coast is what I would call a very hardcore gaming business. Like, it, the two major brands inside of the Wizards portfolio are a trading card game called Magic: The Gathering, which invented the trading card game genre, and a role-playing game called Dungeons & Dragons, which also invented the role-playing genre. The business is primarily sold through mom-and-pop stores, hobby shops, like little gaming stores around the world. There's about 7,000 that we have in a network that we call the Wizards Play Network. They both sell product for us as well as put on play events that kind of curate to this hardcore kind of tabletop gaming, strategy gaming segment. Wizards has had a great growth run. It's grown about 14% per year for the last five years. That growth run really kicked off in 2018 and 2019, prior to the pandemic, and it continued through the pandemic and has continued as the pandemic has abated. You know, what's been the secret of the success for Wizards? Well, for D&D, I think it's just been having, like, a great kind of on point new version of the game called Fifth Edition that really plugs into, like, the streaming scene. It's easy to play. Then digitizing the game with a platform called D&D Beyond, which we acquired last year, and grew 20% in the six months after we bought it. In fact, it was EPS accretive within about four or five months of buying that. D&D has had a nice growth CAGR associated with it. For Magic, you know, Magic's been around for, you know, I think we're gonna have our 30th anniversary this year. Magic, the real growth trajectory there has been in a segmentation approach to the product. When I started at Wizards in 2016, Magic had basically been flat for about three years at around $400-ish million. What we saw was we were building one version of the game for one community of users, even though we knew that there were other formats of play that people liked to play inside of the game. It's a very complicated game. I won't get into all the details of that. Rather than being afraid of those other alternative formats of play and being afraid of alienating our core consumer, we decided we would embrace those other formats of play and make products bespoke to them. As a result, you know, we unlocked tremendous value. Magic went from about $400 million to, you know, it's closer to $1.1 billion today. As I said, it's had, continues to grow very healthily post-pandemic. We grew the brand 40% in Q4. We grew the brand 16% in Q1. We continue to apply that segmentation approach to the business to both acquire new users as well as re-attract kind of lapsed fans to the brand. Our latest initiative is something we call Universes Beyond, which, you know, not to mention a competitor by name, but we're basically borrowing a strategy from LEGO's playbook, which is, hey, you know, what's the key of Magic? Well, the key value of Magic is this great recombinant play system with over 30,000 different unique playing pieces in it. Based on that, you know, we still invest in our own proprietary IP and our own proprietary story, but we can take other popular IP and put it into that play system, and it proves to be pretty powerful and pretty popular with our fans. We've brought in Warhammer, which is another popular hardcore gaming IP, last year. It was one of the best-selling sets we've ever done in the format that we did it in, called Commander. We have a new set coming out, based on kind of like the granddaddy of the fantasy genre, with Lord of the Rings coming out in June. So far, that's proving to be one of the biggest pre-sales that we've ever done for a new set. Universes Beyond, I think will be a new leg up of growth for Magic for the next couple years. Like I said, we've had Warhammer and Lord of the Rings. We've also announced deals with Assassin's Creed and Final Fantasy, and we have several other deals in place with, in my opinion, as big or potentially even bigger IP that we think will excite fans and bring new people into the business. How much of it is digital versus physical? Or is there a big digital aspect of the revenue? Yeah. The Wizards business is about 15% digital overall. You know, there's about a $100 million-ish digital licensing business associated with it that they run both for Wizards as well as the rest of Hasbro. There is Magic: The Gathering Arena and D&D Beyond, each of which are nice large, kind of healthy businesses. Actually, when I think about it that way, it's probably more like 30% of the overall business is digital. Then we are investing in other new digital opportunities as well. You know, we see a pretty balanced growth trajectory for Wizards of the Coast over the next several years. We think tabletop games still has some nice runway associated with it. As we think about digital, which is a fairly significant investment for us, we see a balanced portfolio between very low risk licensing opportunities like we have coming up with a big video game called Baldur's Gate 3 later this year for D&D, like we just did with Scopely with the new number one game in the world on Apple and iOS, MONOPOLY GO!. You know, incremental licensing opportunities we see there. Kind of like the tabletop adjacent businesses that we have that are successfully scaled kind of games as services like Magic: The Gathering Arena and D&D Beyond, each of which are generating very healthy margins and nice growth for us. Investing in discrete, new kind of digital games and games as services opportunities, on our brands across our portfolio as we build out our publishing capacity, and again, kind of deploy that very rigorous, phase gate, and innovation approach, that we've used successfully across our business for the last several years. No worries. Just continuing on the digital and specifically, I guess, probably on the D&D franchise, just because it seems you're early days in really capitalizing on that TAM. How do you see yourself in that journey towards grabbing it, and what is the ultimate TAM as you look at the adjacencies that have really taken revenue streams, be it Roll20 or DMs Guild, the creators and DMs as you tap into that, and what are some of the risks? Because you've obviously had a few missteps in the community as well. I'm curious how you're managing through that and. Yeah. As you think about D&D and, like, the role-playing game segment in general, you know, there's probably about 20%, sorry, 20 million people who play tabletop role-playing games worldwide actively. D&D probably reaches 80%, 90% of them in a given year. They might not play majority D&D, but almost everyone who plays tabletop role-playing games plays D&D. Then you think about, okay, if I have this 20 million customer base that's generating a nice business for me, how do I grow it? Well, we can keep growing that kind of TAM, and I think we will, by lowering the barriers to entry, and we do that by our Wizards Play Network. We do that by digitizing the game and making it easier to play remotely and easier to learn on like platforms like D&D Beyond. I think the real kind of growth opportunity is in the video game space, because if 20 million people play tabletop role-playing games, 250 million-300 million people worldwide play role-playing games on their phones, on PCs, on consoles. D&D as a brand has tremendous resonance with those 200 million-300 million people. It's just they don't have a lot of product offerings associated with that. The three ways in which we'll grow into that TAM and/or grow kind of the core tabletop role-playing game opportunities, we'll continue to invest in D&D Beyond. We think there's some really interesting opportunities to build a marketplace and marketplace kind of user-generated content scale economics for the core game. I think there's interesting opportunities for new engagement opportunities and new visualization opportunities in tabletop role-playing, where we bring the game to life in new and novel ways and offer additional subscription opportunities for users, whether that's a virtual tabletop where they can kind of bring like their imaginations to life on like an Unreal Engine-powered digital tableau. Or, you know, potentially thinking a little longer term, how do we take advantage of things like, you know, generative AI to build virtual dungeon masters or virtual dungeon master tools to bring kind of the game to life and lower the barriers to entry to it. Then in video games, I think the two pockets of growth there are, you know, first, building out the licensing opportunity for the game. A game like Baldur's Gate 3, which will be coming out later this year, that will likely be a game of the year contender, or at least a role-playing game of the year contender. It's already, I think, the most successful early access game in Steam's history. Steam's a platform on PC. You know, we see that as a multi-million unit selling game opportunity that is, you know, basically 100% accretive margin to us because it's a licensed opportunity at a nice healthy license rate with a great partner in Larian Studios. We'll continue to lean into opportunities like Larian Studios for future downloadable content and potential sequels. We see mobile as a big opportunity, particularly as we continue to build out D&D's entertainment lineup and continue, you know, with... You know, we just had a movie, which was very well-received critically, launched number one. We have a new TV series that we announced with Paramount, so we think mobile, licensing will be a nice opportunity there for that. Last but not least is building out our own production capacity and our own publishing capacity. You know, we're building out publishing capabilities and a user base with Magic: The Gathering Arena and D&D Beyond. We're building out studios on a very structured and disciplined basis. What building out our own publishing capacity and our own production capacity allows us to do is we basically can de-risk that with licensing. We can build out the brand's relevance and test it out with other licensors and build that out. Over time, we can start to capture more of the economics as a publisher, build out our relationship direct with consumers, make sure the brand stays very resilient. We have a good kind of equity of contribution and equity of relationship between our licensors and our own capabilities, because we have a hand inside of it, and we're keeping the brand relevant as well. That should help maintain that licensing revenue and maintain like our fair share of it. Yeah. Yeah, we have about 30 seconds left. Why don't we take that question over there? Sorry, which one? Gentleman right in the middle. Yeah. Thanks. Can you talk about what you're doing with the collaboration with Mattel and some cross-licensing? I always thought of you guys being direct competitors. Yeah. I mean, that's kind of like the classic look, right? Really, I think we're IP holders with complementary categories. It's very similar to how we saw it with LEGO. With LEGO earlier this year, we announced a relationship on Transformers and D&D. With Mattel, you know, they've got some great fashion brands and capabilities like in the vehicle aisle, in card games that we don't necessarily have. We're both investing a fair bit, either through our partners or ourselves in entertainment. It makes a ton of sense to be able to leverage their IP, much like we would at Disney or much like we would any other licensor, and vice versa. You know, I'm excited. I think one of our best-selling Monopoly SKUs this year is gonna be a Barbie-based Monopoly, kind of based off of the movie. It's super cute. Just that pink pops out of the gaming shelves. Then likewise, you know, we have one of the biggest hit franchises in Hollywood with Transformers. Makes a ton of sense to be able to find an Optimus Prime inside of the Hot Wheels aisle to me. Amen. Totally. Thank you very much, Chris, for coming today to TMC. We look forward to talking to you in the future. Okay. Thanks, Chris.