Fourth Quarter 2023 Highlights Versus
Prior Year
- Net Sales of $1,621 million, up 16% as reported, or 14% in
constant currency
- Gross Margin of 48.8%, an increase of 580 basis points;
Adjusted Gross Margin of 48.8%, an increase of 570 basis
points
- Operating Income of $140 million, an increase of $61 million;
Adjusted Operating Income of $147 million, an increase of $68
million
- Net Income of $147 million, an increase of $131 million
- Earnings per Share of $0.42 compared to $0.04 per share;
Adjusted Earnings per Share of $0.29 compared to $0.18 per
share
- Adjusted EBITDA of $234 million, an increase of $76
million
Full Year 2023 Highlights Versus Prior
Year
- Net Sales of $5,441 million, flat as reported, or down 1% in
constant currency
- Gross Margin of 47.5%, an increase of 180 basis points;
Adjusted Gross Margin of 47.5%, an increase of 160 basis
points
- Operating Income of $562 million, a decrease of $114 million;
Adjusted Operating Income of $641 million, a decrease of $47
million
- Net Income of $214 million, which includes a non-cash charge of
$161 million relating to changes to certain deferred tax assets,
compared to prior year Net Income of $394 million
- Earnings per Share of $0.60 compared to $1.10 per share;
Adjusted Earnings per Share of $1.23 compared to $1.25 per
share
- Adjusted EBITDA of $948 million, a decrease of $21 million
- Cash Flows Provided by Operating Activities were $870 million,
an improvement of $427 million; Free cash flow of $709 million, an
increase of $453 million
- Company announces 2024 guidance
- Launching Optimizing for Profitable Growth program targeting
cost savings of $200 million by 2026
- Authorized $1 billion share repurchase program, following $203
million of repurchases in 2023
Mattel, Inc. (NASDAQ: MAT) today reported fourth quarter and
full year 2023 financial results.
Ynon Kreiz, Chairman and CEO of Mattel, said: “2023 was a
milestone year for Mattel. We extended our leadership in our key
toy categories and gained significant share overall, achieved
extraordinary success with the Barbie movie, and further
strengthened our financial position.”
Mr. Kreiz continued: “Execution on our toy strategy was strong
and we made meaningful progress in entertainment across film,
television, digital and publishing. We ended 2023 with the
strongest balance sheet we have had in years, putting us in an
excellent position to execute our strategy to grow Mattel’s
IP-driven toy business and expand our entertainment offering. As we
look to 2024, we believe we are very well positioned competitively
and will continue to outpace the industry and gain market
share.”
Anthony DiSilvestro, CFO of Mattel, added: “In the fourth
quarter, we achieved double-digit growth in sales and earnings. For
the year, we grew POS, generated significant cash flow, and
exceeded our Optimizing for Growth cost savings program target.
Looking ahead, we are launching a new cost savings program focused
on profitable growth and expect to improve profitability and
continue share repurchases in 2024.”
Financial Overview
For the fourth quarter, Net Sales were up 16% as reported, or
14% in constant currency, versus the prior year’s fourth quarter.
Reported Operating Income was $140 million, an increase of $61
million, and Adjusted Operating Income was $147 million, an
increase of $68 million. Reported Earnings Per Share were $0.42,
compared to $0.04 per share, and Adjusted Earnings Per Share were
$0.29, compared to $0.18 per share.
For the full year, Net Sales were flat as reported, or down 1%
in constant currency, versus the prior year. Reported Operating
Income was $562 million, a decrease of $114 million, and Adjusted
Operating Income was $641 million, a decrease of $47 million.
Reported Earnings Per Share were $0.60, which included a non-cash
charge of $0.45 relating to changes to certain deferred tax assets,
a decrease of $0.50 per share, and Adjusted Earnings Per Share were
$1.23, a decrease of $0.02 per share.
Fourth Quarter 2023
Net Sales in the North America segment increased 32% as reported
and in constant currency, versus the prior year’s fourth
quarter.
Gross Billings in the North America segment increased 33% as
reported and in constant currency, driven by growth in Dolls
(including Barbie, Disney Princess and Disney Frozen, and Monster
High), Vehicles (Hot Wheels®), Action Figures, Building Sets,
Games, and Other (primarily Games and Building Sets), and Infant,
Toddler, and Preschool (primarily Fisher-Price).
Net Sales in the International segment increased 3% as reported
but decreased 2% in constant currency.
Gross Billings in the International segment increased 7% as
reported, or 2% in constant currency, driven by growth in Dolls
(including Barbie, Monster High, and Disney Princess and Disney
Frozen,) and Vehicles (primarily Hot Wheels), partly offset by
declines in Action Figures, Building Sets, Games, and Other
(primarily Action Figures), and Infant, Toddler, and Preschool
(primarily Fisher-Price).
Net Sales in the American Girl® segment decreased 6% as reported
and in constant currency. Gross Billings in the American Girl
segment decreased 5% as reported and in constant currency.
Reported Gross Margin increased to 48.8%, versus 43.0% in the
prior year’s fourth quarter, and Adjusted Gross Margin increased to
48.8%, versus 43.1%. The increase in Gross Margin was primarily
driven by cost deflation, lower inventory management costs,
primarily lower inventory obsolescence and closeout sales, savings
from the Optimizing for Growth program, favorable mix, primarily
benefits related to the Barbie movie, and pricing, net of higher
sales adjustments. Increases to Gross Margin were partially offset
by increased royalties and other factors.
Reported Other Selling and Administrative Expenses increased
$135 million, to $416 million, and Adjusted Other Selling and
Administrative Expenses increased $127 million, to $409 million.
Other Selling and Administrative Expenses increased primarily due
to higher incentive compensation.
Full Year 2023
Net Sales in the North America segment increased 1% as reported
and in constant currency, versus the prior year.
Gross Billings in the North America segment increased 1% as
reported and in constant currency, driven by growth in Dolls
(including Disney Princess and Disney Frozen, Barbie, and Monster
High) and Vehicles (Hot Wheels), partly offset by declines in
Action Figures, Building Sets, Games, and Other (primarily Action
Figures), and Infant, Toddler, and Preschool (primarily
Fisher-Price).
Net Sales in the International segment were flat as reported,
but decreased 3% in constant currency.
Gross Billings in the International segment increased 2% as
reported but decreased 2% in constant currency. The increase in
Gross Billings as reported was driven by growth in Dolls (including
Disney Princess and Disney Frozen and Monster High) and Vehicles
(primarily Hot Wheels), partly offset by declines in Action
Figures, Building Sets, Games, and Other (primarily Action
Figures), and Infant, Toddler, and Preschool (primarily
Fisher-Price).
The decline in Gross Billings in constant currency was due to
declines in Action Figures, Building Sets, Games, and Other
(primarily Action Figures), and Infant, Toddler, and Preschool
(primarily Fisher-Price), partly offset by growth in Vehicles
(primarily Hot Wheels) and Dolls (including Disney Princess and
Disney Frozen and Monster High).
Net Sales in the American Girl segment decreased 9% as reported
and in constant currency. Gross Billings in the American Girl
segment decreased 8% as reported and in constant currency.
Reported Gross Margin increased to 47.5%, versus 45.7% in the
prior year, and Adjusted Gross Margin increased to 47.5%, versus
45.9%. The increase in Gross Margin was primarily driven by savings
from the Optimizing for Growth program, favorable mix, primarily
benefits related to the Barbie movie, pricing, net of higher sales
adjustments, and cost deflation, partially offset by unfavorable
fixed cost absorption and other supply chain costs.
Reported Other Selling and Administrative Expenses increased
$226 million, to $1,497 million, primarily due to higher incentive
compensation, market-related pay increases, higher severance and
restructuring expenses, and the gain on sale of assets recognized
in 2022, partially offset by savings from the Optimizing for Growth
program. Adjusted Other Selling and Administrative Expenses
increased $147 million, to $1,417 million, primarily due to higher
incentive compensation and market-related pay increases, partially
offset by savings from the Optimizing for Growth program.
For the year ended December 31, 2023, Cash Flows Provided by
Operating Activities were $870 million, an improvement of $427
million, versus the prior year, primarily due to lower working
capital usage, partially offset by changes in net income, excluding
the impact of non-cash items.
Cash Flows Used for Investing Activities were $142 million, a
decrease of $2 million, primarily due to lower capital expenditures
and higher net proceeds from foreign currency forward contracts in
the full year 2023, partially offset by lower proceeds from the
sale of assets.
Cash Flows Used for Financing Activities and Other were $227
million, a decrease of $41 million, which included current year
share repurchases of $203 million, compared to $250 million of cash
used for repayment of long-term borrowings in 2022.
Gross Billings by Categories
Fourth Quarter 2023
Worldwide Gross Billings for Dolls were $763 million, up 29% as
reported, or 27% in constant currency, versus the prior year. The
increase in Gross Billings was driven by growth in Barbie, Disney
Princess and Disney Frozen, and Monster High.
Worldwide Gross Billings for Infant, Toddler, and Preschool were
$292 million, up 9% as reported, or 7% in constant currency. The
increase in Gross Billings as reported was driven by growth in
Fisher-Price.
Worldwide Gross Billings for Vehicles were $475 million, up 18%
as reported, or 15% in constant currency, primarily driven by
growth in Hot Wheels.
Worldwide Gross Billings for Action Figures, Building Sets,
Games, and Other were $311 million, up 3% as reported, or 1% in
constant currency, primarily driven by growth in Games, partly
offset by declines in Action Figures (related to 2022 theatrical
releases).
Full Year 2023
Worldwide Gross Billings for Dolls were $2,394 million, up 15%
as reported, or 13% in constant currency, versus the prior year.
The increase in Gross Billings was driven by growth in Disney
Princess and Disney Frozen, Monster High, and Barbie.
Worldwide Gross Billings for Infant, Toddler, and Preschool were
$1,001 million, down 10% as reported, or 12% in constant currency.
The decline in Gross Billings as reported was due to declines in
Fisher-Price, primarily Imaginext and Baby Gear.
Worldwide Gross Billings for Vehicles were $1,641 million, up
13% as reported, or 11% in constant currency, primarily driven by
growth in Hot Wheels.
Worldwide Gross Billings for Action Figures, Building Sets,
Games, and Other were $1,066 million, down 24% as reported, or 25%
in constant currency, primarily due to declines in Action Figures
(related to 2022 theatrical releases).
2024 Guidance
Mattel’s full year 2024 guidance is:
(in millions, FY2024 Guidance FY2023 except
EPS and percentages) Net Sales Comparable(Constant Currency)
$5,441
Adjusted Gross Margin 48.5 - 49%
47.5%
Adjusted EPS $1.35 - $1.45
$1.23
Adjusted EBITDA $975 - $1,025
$948
Adjusted Tax Rate
23 - 24%
23%
Capital Expenditures $175 - $200
$160
Free Cash Flow ~ $500
$709
A reconciliation of Mattel’s non-GAAP financial measures on a
forward-looking basis, including Net Sales on a constant currency
basis, Adjusted Gross Margin, Adjusted EPS, Adjusted EBITDA, and
Adjusted Tax Rate is not available without unreasonable effort.
Mattel is unable to predict with sufficient certainty items that
would be excluded from the corresponding GAAP measures, including
the effect of foreign currency exchange rate fluctuations, unusual
gains and losses or charges, and severance and restructuring
charges, due to the unpredictable nature of such items, which may
have a significant impact on Mattel’s GAAP measures.
We are operating in a macro-economic environment that may impact
consumer demand. The guidance considers what the company is aware
of today, but remains subject to market volatility, unexpected
disruptions, and other risks and uncertainties.
American Girl Segment
Beginning in the first quarter of 2024, Mattel’s American Girl
business is being integrated into its North America commercial
organization. As a result, American Girl will no longer be an
operating segment.
Conference Call and Live Webcast
At 5:00 p.m. (Eastern Standard Time) today, Mattel will host a
conference call with investors and financial analysts to discuss
its fourth quarter and full year financial results. The conference
call will be webcast on Mattel's Investor Relations website,
https://investors.mattel.com. To listen to the live call, log on to
the website at least 10 minutes early to register, download, and
install any necessary audio software. An archive of the webcast
will be available on Mattel's Investor Relations website for 12
months and may be accessed beginning approximately three hours
after the completion of the live call.
Cautionary Note Regarding Forward-Looking Statements
Mattel cautions the reader that this press release contains a
number of forward-looking statements, which are statements that
relate to the future and are, by their nature, uncertain.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts and include
statements regarding Mattel’s guidance and goals for future periods
and other future events. The use of words such as “anticipates,”
“expects,” “intends,” “plans,” “projects,” “look forward,”
“confident that,” “believes,” and “targeted,” among others,
generally identify forward-looking statements. These
forward-looking statements are based on currently available
operating, financial, economic, and other information and
assumptions, and are subject to a number of significant risks and
uncertainties. A variety of factors, many of which are beyond
Mattel’s control, could cause actual future results to differ
materially from those projected in the forward-looking statements.
Specific factors that might cause such a difference include, but
are not limited to: (i) Mattel’s ability to design, develop,
produce, manufacture, source, ship, and distribute products on a
timely and cost-effective basis; (ii) sufficient interest in and
demand for the products and entertainment Mattel offers by retail
customers and consumers to profitably recover Mattel’s costs; (iii)
downturns in economic conditions affecting Mattel’s markets which
can negatively impact retail customers and consumers, and which can
result in lower employment levels and lower consumer disposable
income and spending, including lower spending on purchases of
Mattel’s products; (iv) other factors which can lower discretionary
consumer spending, such as higher costs for fuel and food, drops in
the value of homes or other consumer assets, and high levels of
consumer debt; (v) potential difficulties or delays Mattel may
experience in implementing cost savings and efficiency enhancing
initiatives; (vi) other economic and public health conditions or
regulatory changes in the markets in which Mattel and its customers
and suppliers operate, which could create delays or increase
Mattel’s costs, such as higher commodity prices, labor costs or
transportation costs, or outbreaks of disease; (vii) the effect of
inflation on Mattel’s business, including cost inflation in supply
chain inputs and increased labor costs, as well as pricing actions
taken in an effort to mitigate the effects of inflation; (viii)
currency fluctuations, including movements in foreign exchange
rates, which can lower Mattel’s net revenues and earnings, and
significantly impact Mattel’s costs; (ix) the concentration of
Mattel’s customers, potentially increasing the negative impact to
Mattel of difficulties experienced by any of Mattel’s customers,
such as bankruptcies or liquidations or a general lack of success,
or changes in their purchasing or selling patterns; (x) the
inventory policies of Mattel’s retail customers, as well as the
concentration of Mattel’s revenues in the second half of the year,
which coupled with reliance by retailers on quick response
inventory management techniques, increases the risk of
underproduction, overproduction , and shipping delays; (xi) legal,
reputational, and financial risks related to security breaches or
cyberattacks; (xii) work disruptions, including as a result of
supply chain disruption such as plant or port closures, which may
impact Mattel’s ability to manufacture or deliver product in a
timely and cost-effective manner; (xiii) the impact of competition
on revenues, margins, and other aspects of Mattel’s business,
including the ability to offer products that consumers choose to
buy instead of competitive products, the ability to secure,
maintain, and renew popular licenses from licensors of
entertainment properties, and the ability to attract and retain
talented employees and adapt to evolving workplace models; (xiv)
the risk of product recalls or product liability suits and costs
associated with product safety regulations; (xv) changes in laws or
regulations in the United States and/or in other major markets,
such as China, in which Mattel operates, including, without
limitation, with respect to taxes, tariffs, trade policies, or
product safety, which may increase Mattel’s product costs and other
costs of doing business, and reduce Mattel’s earnings and
liquidity; (xvi) business disruptions or other unforeseen impacts
due to economic instability, political instability, civil unrest,
armed hostilities (including the impact of the war in Ukraine and
geopolitical developments in the Middle East), natural and manmade
disasters, pandemics or other public health crises, such as the
COVID-19 pandemic, or other catastrophic events; (xvii) failure to
realize the planned benefits from any investments or acquisitions
made by Mattel; (xviii) the impact of other market conditions or
third party actions or approvals, including those that result in
any significant failure, inadequacy, or interruption from vendors
or outsourcers, which could reduce demand for Mattel’s products,
delay or increase the cost of implementation of Mattel’s programs,
or alter Mattel’s actions and reduce actual results; (xix) changes
in financing markets or the inability of Mattel to obtain financing
on attractive terms; (xx) the impact of litigation, arbitration, or
regulatory decisions or settlement actions; (xxi) Mattel’s ability
to navigate regulatory frameworks in connection with new areas of
investment, product development, or other business activities, such
as non-fungible tokens and cryptocurrency; and (xxii) other risks
and uncertainties as may be described in Mattel’s filings with the
Securities and Exchange Commission, including the “Risk Factors”
section of Mattel’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2022 and subsequent periodic filings, as well as
in Mattel’s other public statements. Mattel does not update
forward-looking statements and expressly disclaims any obligation
to do so, except as required by law.
Presentation Information / Non-GAAP Financial
Measures
The financial results included herein represent the most current
information available to management and are preliminary until
Mattel’s Form 10-Q is filed with the SEC. Actual results may differ
from these preliminary results.
To supplement our financial results presented in accordance with
generally accepted accounting principles in the United States
(“GAAP”), Mattel presents certain non-GAAP financial measures
within the meaning of Regulation G promulgated by the Securities
and Exchange Commission. The non-GAAP financial measures that
Mattel uses in this earnings release include Adjusted Gross Profit,
Adjusted Gross Margin, Adjusted Other Selling and Administrative
Expenses, Adjusted Operating Income, Adjusted Operating Income
Margin, Adjusted Earnings Per Share, earnings before interest
expense, taxes, depreciation and amortization (“EBITDA”), Adjusted
EBITDA, Free Cash Flow, Free Cash Flow Conversion (Free Cash Flow /
Adjusted EBITDA), Leverage Ratio (Total Debt / Adjusted EBITDA),
Net Debt, Adjusted Tax Rate, and constant currency. Mattel uses
these measures to analyze its continuing operations and to monitor,
assess, and identify meaningful trends in its operating and
financial performance, and each is discussed below. Mattel believes
that the disclosure of non-GAAP financial measures provides useful
supplemental information to investors to be able to better evaluate
ongoing business performance and certain components of Mattel’s
results. These measures are not, and should not be viewed as,
substitutes for GAAP financial measures and may not be comparable
to similarly titled measures used by other companies.
Reconciliations of the non-GAAP financial measures to the most
directly comparable GAAP financial measures are attached to this
earnings release as exhibits and to our earnings slide presentation
as an appendix.
This earnings release and our earnings slide presentation are
available on Mattel's Investor Relations website,
https://investors.mattel.com/, under the subheading “Financial
Information – Quarterly Earnings.”
Adjusted Gross Profit and Adjusted Gross Margin
Adjusted Gross Profit and Adjusted Gross Margin represent
reported Gross Profit and reported Gross Margin, respectively,
adjusted to exclude severance and restructuring expenses. Adjusted
Gross Margin represents Mattel’s Adjusted Gross Profit, as a
percentage of Net Sales. Adjusted Gross Profit and Adjusted Gross
Margin are presented to provide additional perspective on
underlying trends in Mattel’s core Gross Profit and Gross Margin,
which Mattel believes is useful supplemental information for
investors to be able to gauge and compare Mattel’s current business
performance from one period to another.
Adjusted Other Selling and Administrative Expenses
Adjusted Other Selling and Administrative Expenses represents
Mattel’s reported Other Selling and Administrative Expenses,
adjusted to exclude severance and restructuring expenses, the
impact of the inclined sleeper product recalls, and the impact of
sale of assets, which are not part of Mattel’s core business.
Adjusted Other Selling and Administrative Expenses is presented to
provide additional perspective on underlying trends in Mattel’s
core other selling and administrative expenses, which Mattel
believes is useful supplemental information for investors to be
able to gauge and compare Mattel’s current business performance
from one period to another.
Adjusted Operating Income and Adjusted Operating Income
Margin
Adjusted Operating Income and Adjusted Operating Income Margin
represent reported Operating Income and reported Operating Income
Margin, respectively, adjusted to exclude severance and
restructuring expenses, the impact of the inclined sleeper product
recalls, and the impact of sale of assets, which are not part of
Mattel’s core business. Adjusted Operating Income Margin represents
Mattel’s Adjusted Operating Income, as a percentage of Net Sales.
Adjusted Operating Income and Adjusted Operating Income Margin are
presented to provide additional perspective on underlying trends in
Mattel’s core operating results, which Mattel believes is useful
supplemental information for investors to be able to gauge and
compare Mattel’s current business performance from one period to
another.
Adjusted Earnings Per Share
Adjusted Earnings Per Share represents Mattel’s reported Diluted
Earnings Per Common Share, adjusted to exclude severance and
restructuring expenses, the impact of the inclined sleeper product
recalls, the impact of sale of assets, the impact of changes to
certain deferred tax assets, and loss on liquidation of a
subsidiary, which are not part of Mattel’s core business. The
aggregate tax effect of the adjustments was determined using the
effective tax rates on a jurisdictional basis of the respective
adjustments, and dividing by the reported weighted-average number
of common shares. Adjusted Earnings Per Share is presented to
provide additional perspective on underlying trends in Mattel’s
core business. Mattel believes it is useful supplemental
information for investors to gauge and compare Mattel’s current
earnings results from one period to another. Adjusted Earnings Per
Share is a performance measure and should not be used as a measure
of liquidity.
EBITDA and Adjusted EBITDA
EBITDA represents Mattel’s Net Income, adjusted to exclude the
impact of interest expense, taxes, depreciation, and amortization.
Adjusted EBITDA represents EBITDA adjusted to exclude share-based
compensation, severance and restructuring expenses, the impact of
the inclined sleeper product recalls, the impact of sale of assets,
and loss on liquidation of a subsidiary, which are not part of
Mattel’s core business. Mattel believes EBITDA and Adjusted EBITDA
are useful supplemental information for investors to gauge and
compare Mattel’s business performance to other companies in its
industry with similar capital structures. The presentation of
Adjusted EBITDA differs from how Mattel calculates EBITDA for
purposes of covenant compliance under the indentures governing its
high yield senior notes and the syndicated facility agreement
governing its senior secured revolving credit facilities. Because
of these limitations, EBITDA and Adjusted EBITDA should not be
considered as measures of discretionary cash available to invest in
the growth of Mattel’s business. As a result, Mattel relies
primarily on its GAAP results and uses EBITDA and Adjusted EBITDA
only supplementally.
Free Cash Flow and Free Cash Flow Conversion
Free Cash Flow represents Mattel’s net cash flows from operating
activities less capital expenditures. Free Cash Flow Conversion
represents Mattel’s free cash flow divided by Adjusted EBITDA.
Mattel believes Free Cash Flow and Free Cash Flow Conversion are
useful supplemental information for investors to gauge Mattel’s
liquidity and performance and to compare Mattel’s business
performance to other companies in our industry. Free Cash Flow does
not represent cash available to Mattel for discretionary
expenditures.
Leverage Ratio (Total Debt / Adjusted EBITDA)
The leverage ratio is calculated by dividing Total Debt by
Adjusted EBITDA. Total Debt represents the aggregate of Mattel’s
current portion of long-term debt, short-term borrowings, and
long-term debt, excluding the impact of debt issuance costs and
debt discount. Mattel believes the leverage ratio is useful
supplemental information for investors to gauge trends in Mattel’s
business and to compare Mattel’s business performance to other
companies in its industry.
Net Debt
Net Debt represents the aggregate of Mattel’s current portion of
long-term debt, short-term borrowings, and long-term debt, less
cash and cash equivalents. Mattel believes Net Debt is useful
supplemental information for investors to monitor Mattel’s
liquidity and evaluate its balance sheet.
Adjusted Tax Rate
The Adjusted Tax Rate is calculated by dividing Adjusted
Provision for Income Taxes by Adjusted Income Before Income Taxes.
Adjusted Income Before Income Taxes represents reported Income
Before Income Taxes, adjusted to exclude severance and
restructuring expenses, the impact of inclined sleeper product
recalls, the impact of sale of assets, and loss on liquidation of a
subsidiary. The Adjusted Provision for Income Taxes represents
reported Provision for Income Taxes, adjusted to exclude the impact
of changes to certain deferred tax assets and the aggregate tax
effect of adjustments. Mattel believes the adjusted tax rate
provides useful supplemental information for investors to gauge and
compare the impact of tax expense on Mattel's earnings results from
one period to another.
Constant Currency
Percentage changes in results expressed in constant currency are
presented excluding the impact from changes in currency exchange
rates. To present this information, Mattel calculates constant
currency information by translating current period and prior period
results for entities reporting in currencies other than the US
dollar using consistent exchange rates. The constant currency
exchange rates are determined by Mattel at the beginning of each
year and are applied consistently during the year. They are
generally different from the actual exchange rates in effect during
the current or prior period due to volatility in actual foreign
exchange rates. Mattel considers whether any changes to the
constant currency rates are appropriate at the beginning of each
year. The exchange rates used for these constant currency
calculations are generally based on prior year actual exchange
rates. The difference between the current period and prior period
results using the consistent exchange rates reflects the changes in
the underlying performance results, excluding the impact from
changes in currency exchange rates. Mattel analyzes constant
currency results to provide additional perspective on changes in
underlying trends in Mattel’s operating performance. Mattel
believes that the disclosure of the percentage change in constant
currency is useful supplemental information for investors to be
able to gauge Mattel’s current business performance and the
longer-term strength of its overall business since foreign currency
changes could potentially mask underlying sales trends. The
disclosure of the percentage change in constant currency enhances
investor’s ability to compare financial results from one period to
another.
Key Performance Indicator
Gross Billings
Gross Billings represent amounts invoiced to customers. It does
not include the impact of sales adjustments, such as trade
discounts and other allowances. Mattel presents changes in gross
billings as a metric for comparing its aggregate, categorical,
brand, and geographic results to highlight significant trends in
Mattel’s business. Changes in Gross Billings are discussed because,
while Mattel records the details of sales adjustments in its
financial accounting systems at the time of sale, such sales
adjustments are generally not associated with categories, brands,
and individual products.
About Mattel
Mattel is a leading global toy company and owner of one of the
strongest portfolios of children’s and family entertainment
franchises in the world. We create innovative products and
experiences that inspire, entertain, and develop children through
play. We engage consumers through our portfolio of iconic brands,
including Barbie®, Hot Wheels®, Fisher-Price®, American Girl®,
Thomas & Friends™, UNO®, Masters of the Universe®, and MEGA®,
as well as other popular intellectual properties that we own or
license in partnership with global entertainment companies. Our
offerings include film and television content, gaming and digital
experiences, music, and live events. Founded in 1945, we operate in
35 locations and our products are available in more than 150
countries in collaboration with the world’s leading retail and
ecommerce companies. Mattel is proud to be a trusted partner in
empowering children to explore the wonder of childhood and reach
their full potential. Visit us online at mattel.com.
MAT-FIN MAT-CORP
MATTEL, INC. AND SUBSIDIARIES EXHIBIT I
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)1
For the Three Months Ended
December 31,
For the Year Ended December
31,
(In millions, except per share and
percentage information)
2023
2022
% Change as Reported
% Change in Constant
Currency
2023
2022
% Change as Reported
% Change in Constant
Currency
$ Amt
% Net Sales
$ Amt
% Net Sales
$ Amt
% Net Sales
$ Amt
% Net Sales
Net Sales
$
1,620.7
$
1,401.9
16
%
14
%
$
5,441.2
$
5,434.7
—
%
-1
%
Cost of Sales
830.5
51.2
%
799.3
57.0
%
4
%
2,857.5
52.5
%
2,953.3
54.3
%
-3
%
Gross Profit
790.2
48.8
%
602.7
43.0
%
31
%
30
%
2,583.7
47.5
%
2,481.4
45.7
%
4
%
2
%
Advertising and Promotion Expenses
234.4
14.5
%
242.7
17.3
%
-3
%
524.8
9.6
%
534.3
9.8
%
-2
%
Other Selling and Administrative Expenses
415.7
25.6
%
281.0
20.0
%
48
%
1,497.3
27.5
%
1,271.6
23.4
%
18
%
Operating Income
140.1
8.6
%
79.0
5.6
%
77
%
88
%
561.7
10.3
%
675.5
12.4
%
-17
%
-23
%
Interest Expense
31.3
1.9
%
33.1
2.4
%
-5
%
123.8
2.3
%
132.8
2.4
%
-7
%
Interest (Income)
(9.8
)
-0.6
%
(4.3
)
-0.3
%
127
%
(25.2
)
-0.5
%
(9.4
)
-0.2
%
169
%
Other Non-Operating Expense (Income), Net
3.7
35.8
(2.3
)
47.8
Income Before Income Taxes
114.9
7.1
%
14.4
1.0
%
695
%
n/m
465.4
8.6
%
504.3
9.3
%
-8
%
-12
%
(Benefit) Provision for Income Taxes
(27.3
)
5.3
269.5
135.9
(Income) from Equity Method Investments
(5.1
)
(7.0
)
(18.4
)
(25.4
)
Net Income
$
147.3
9.1
%
$
16.1
1.2
%
813
%
$
214.4
3.9
%
$
393.9
7.2
%
-46
%
Net Income Per Common Share - Basic
$
0.42
$
0.05
$
0.61
$
1.11
Weighted-Average Number of Common Shares
350.6
354.9
353.6
353.8
Net Income Per Common Share - Diluted
$
0.42
$
0.04
$
0.60
$
1.10
Weighted-Average Number of Common and Potential Common Shares
353.5
359.0
357.1
359.6
1 Amounts may not sum due to rounding. n/m - Not meaningful
MATTEL, INC. AND SUBSIDIARIES EXHIBIT II
CONDENSED CONSOLIDATED BALANCE SHEETS1
December 31,
2023
2022
(In millions)
(Unaudited)
Assets Cash and Equivalents
$
1,261.4
$
761.2
Accounts Receivable, Net
1,081.8
860.2
Inventories
571.6
894.1
Prepaid Expenses and Other Current Assets
207.5
213.5
Total Current Assets
3,122.3
2,729.0
Property, Plant, and Equipment, Net
465.5
469.1
Right-of-Use Assets, Net
313.2
318.7
Goodwill
1,384.5
1,378.6
Other Noncurrent Assets
1,150.2
1,282.3
Total Assets
$
6,435.8
$
6,177.7
Liabilities and Stockholders’ Equity Accounts Payable
and Accrued Liabilities
$
1,308.6
$
1,150.2
Income Taxes Payable
33.9
37.6
Total Current Liabilities
1,342.5
1,187.7
Long-Term Debt
2,330.0
2,325.6
Noncurrent Lease Liabilities
259.5
271.4
Other Noncurrent Liabilities
354.6
336.6
Stockholders’ Equity
2,149.2
2,056.3
Total Liabilities and Stockholders’ Equity
$
6,435.8
$
6,177.7
1 Amounts may not sum due to rounding.
MATTEL, INC. AND
SUBSIDIARIES EXHIBIT II SUPPLEMENTAL BALANCE
SHEET AND CASH FLOW DATA (Unaudited)1
December 31,
2023
2022
Key Balance Sheet Data:
Accounts Receivable, Net Days of Sales Outstanding (DSO)
60
55
For the Year Ended December 31,
(In millions)
2023
2022
Condensed Cash Flow Data: Cash
Flows Provided by Operating Activities
$
870
$
443
Cash Flows (Used for) Investing Activities
(142
)
(144
)
Cash Flows (Used for) Financing Activities and Other
(227
)
(269
)
Increase in Cash and Equivalents
$
500
$
30
1 Amounts may not sum due to rounding.
MATTEL, INC. AND
SUBSIDIARIES EXHIBIT III SUPPLEMENTAL
FINANCIAL INFORMATION (Unaudited)1 RECONCILIATION OF GAAP
AND NON-GAAP FINANCIAL MEASURES
For the Three Months Ended
December 31,
For the Year Ended December
31,
(In millions, except percentage
information)
2023
2022
Change
2023
2022
Change
Gross Profit Gross Profit, As
Reported
$
790.2
$
602.7
$
2,583.7
$
2,481.4
Gross Margin
48.8
%
43.0
%
580 bps
47.5
%
45.7
%
180 bps
Adjustments:
Severance and Restructuring Expenses
0.1
0.9
(1.2
)
10.7
Gross Profit, As Adjusted
$
790.3
$
603.5
$
2,582.6
$
2,492.0
Adjusted Gross Margin
48.8
%
43.1
%
570 bps
47.5
%
45.9
%
160 bps
Other Selling and Administrative
Expenses
Other Selling and Administrative Expenses, As Reported
$
415.7
$
281.0
48%
$
1,497.3
$
1,271.6
18%
% of Net Sales
25.6
%
20.0
%
560 bps
27.5
%
23.4
%
410 bps
Adjustments:
Severance and Restructuring Expenses
2.1
(9.1
)
(60.8
)
(26.2
)
Inclined Sleeper Product Recalls
(9.0
)
1.5
(18.1
)
0.3
Sale of Assets2
—
8.3
(1.8
)
23.5
Other Selling and Administrative Expenses, As Adjusted
$
408.8
$
281.7
45%
$
1,416.6
$
1,269.2
12%
% of Net Sales
25.2
%
20.1
%
510 bps
26.0
%
23.4
%
260 bps
Operating Income
Operating Income, As Reported
$
140.1
$
79.0
77%
$
561.7
$
675.5
-17%
Operating Income Margin
8.6
%
5.6
%
300 bps
10.3
%
12.4
%
-210 bps
Adjustments:
Severance and Restructuring Expenses
(2.0
)
10.0
59.7
36.8
Inclined Sleeper Product Recalls
9.0
(1.5
)
18.1
(0.3
)
Sale of Assets2
—
(8.3
)
1.8
(23.5
)
Operating Income, As Adjusted
$
147.1
$
79.1
86%
$
641.2
$
688.6
-7%
Adjusted Operating Income Margin
9.1
%
5.6
%
350 bps
11.8
%
12.7
%
-90 bps
1 Amounts may not sum due to rounding. 2 For the three months ended
December 31, 2022, Mattel recorded a gain on sale of assets of $8.3
million in other selling and administrative expenses. For the year
ended December 31, 2023, and 2022, Mattel recorded a loss on sale
of assets of $1.8 million and a gain on sale of assets of $23.5
million, respectively, in other selling and administrative
expenses.
MATTEL, INC. AND SUBSIDIARIES EXHIBIT III
SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)1
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
(In millions, except per share and
percentage information)
For the Three Months Ended
December 31,
For the Year Ended December
31,
2023
2022
Change
2023
2022
Change
Earnings Per Share Net Income
Per Common Share, As Reported
$
0.42
$
0.04
950
%
$
0.60
$
1.10
-45
%
Adjustments: Severance and Restructuring Expenses
(0.01
)
0.03
0.17
0.10
Inclined Sleeper Product Recalls
0.03
—
0.05
—
Sale of Assets2
—
(0.02
)
—
(0.07
)
Changes to Deferred Tax Assets3
(0.14
)
—
0.45
—
Loss on Liquidation of Argentina Subsidiary4
—
0.13
—
0.13
Tax Effect of Adjustments5
—
0.01
(0.04
)
—
Net Income Per Common Share, As Adjusted
$
0.29
$
0.18
61
%
$
1.23
$
1.25
-2
%
EBITDA and Adjusted
EBITDA Net Income, As Reported
$
147.3
$
16.1
813
%
$
214.4
$
393.9
-46
%
Adjustments: Interest Expense
31.3
33.1
123.8
132.8
(Benefit) Provision for Income Taxes
(27.3
)
5.3
269.5
135.9
Depreciation
35.4
36.1
139.5
144.6
Amortization
9.3
9.6
37.9
37.9
EBITDA
196.1
100.2
785.0
845.0
Adjustments: Share-Based Compensation
30.9
13.1
83.3
69.1
Severance and Restructuring Expenses
(2.0
)
8.9
59.7
32.7
Inclined Sleeper Product Recalls
9.0
(1.5
)
18.1
(0.3
)
Sale of Assets2
—
(8.3
)
1.8
(23.5
)
Loss on Liquidation of Argentina Subsidiary4
—
45.4
—
45.4
Adjusted EBITDA
$
234.0
$
157.8
48
%
$
947.8
$
968.4
-2
%
Free Cash Flow Net Cash
Flows Provided by Operating Activities
$
869.8
$
442.8
Capital Expenditures
(160.3
)
(186.5
)
Free Cash Flow
$
709.5
$
256.3
1 Amounts may not sum due to rounding. 2 For the three months ended
December 31, 2022, Mattel recorded a gain on sale of assets of $8.3
million in other selling and administrative expenses. For the year
ended December 31, 2023, and 2022, Mattel recorded a loss on sale
of assets of $1.8 million and a gain on sale of assets of $23.5
million, respectively, in other selling and administrative
expenses. 3 For the year ended December 31, 2023, Mattel recorded
an expense of $212.4 million related to the release of foreign
deferred tax assets and a benefit of $51.0 million upon the
establishment of deferred tax assets related to an intra-group
transfer of certain IP rights. 4 During the three months ended
December 31, 2022, the liquidation of Mattel’s subsidiary in
Argentina was substantially completed and Mattel recognized its
cumulative translation adjustments of $45.4 million as a loss in
other non-operating expense, net. 5 The aggregate tax effect of
adjustments was determined using the effective tax rates on a
jurisdictional basis of the respective adjustments and dividing by
the reported weighted average number of common and potential common
shares.
MATTEL, INC. AND SUBSIDIARIES EXHIBIT III
SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)1
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
For the Year Ended December
31,
(In millions, except percentage and pts
information)
2023
2022
Change
Tax Rate Income Before Income
Taxes, As Reported
$
465.4
$
504.3
Adjustments: Severance and Restructuring Expenses
59.7
36.8
Inclined Sleeper Product Recalls
18.1
(0.3
)
Sale of Assets2
1.8
(23.5
)
Loss on Liquidation of Argentina Subsidiary3
—
45.4
Income Before Income Taxes, As Adjusted
$
544.9
$
562.8
Provision for Income Taxes, As Reported
$
269.5
$
135.9
Adjustments: Changes to Deferred Tax Assets4
(161.4
)
—
Tax Effect of Adjustments5
15.3
1.3
Provision for Income Taxes, As Adjusted
$
123.4
$
137.2
Tax Rate, As Reported
58
%
27
%
31 pts
Tax Rate, As Adjusted
23
%
24
%
-1 pts
December 31,
2023
2022
Net Debt Long-Term Debt
$
2,330.0
$
2,325.6
Adjustments: Cash and Equivalents
(1,261.4
)
(761.2
)
Net Debt
$
1,068.6
$
1,564.4
1 Amounts may not sum due to rounding. 2 For the year ended
December 31, 2023, and 2022, Mattel recorded a loss on sale of
assets of $1.8 million and a gain on sale of assets of $23.5
million, respectively, in other selling and administrative
expenses. 3 During the year ended December 31, 2022, the
liquidation of Mattel’s subsidiary in Argentina was substantially
completed and Mattel recognized its cumulative translation
adjustments of $45.4 million as a loss in other non-operating
expense, net. 4 For the year ended December 31, 2023, Mattel
recorded an expense of $212.4 million related to the release of
foreign deferred tax assets and a benefit of $51.0 million upon the
establishment of deferred tax assets related to an intra-group
transfer of certain IP rights. 5 Tax effect of adjustments was
determined using the effective tax rates on a jurisdictional basis
of the respective adjustments.
MATTEL, INC. AND SUBSIDIARIES
EXHIBIT III SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)1 RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL
MEASURES
For the Year Ended December
31,
(In millions, except percentage and pts
information)
2023
2022
Change
Leverage Ratio (Total Debt/Adjusted
EBITDA) Total Debt
Long-Term Debt
$
2,330.0
$
2,325.6
Adjustments: Debt Issuance Costs and Debt Discount
20.0
24.4
Total Debt
$
2,350.0
$
2,350.0
EBITDA and Adjusted EBITDA Net
Income, As Reported
$
214.4
$
393.9
-46%
Adjustments: Interest Expense
123.8
132.8
Provision for Income Taxes
269.5
135.9
Depreciation
139.5
144.6
Amortization
37.9
37.9
EBITDA
785.0
845.0
Adjustments: Share-Based Compensation
83.3
69.1
Severance and Restructuring Expenses
59.7
32.7
Inclined Sleeper Product Recalls
18.1
(0.3
)
Sale of Assets
1.8
(23.5
)
Loss on Liquidation of Argentina Subsidiary
—
45.4
Adjusted EBITDA
$
947.8
$
968.4
-2%
Total Debt / Net Income 11.0x 6.0x Leverage Ratio (Total
Debt / Adjusted EBITDA) 2.5x 2.4x
Free Cash Flow Net Cash Flows Provided by
Operating Activities
$
869.8
$
442.8
96%
Capital Expenditures
(160.3
)
(186.5
)
Free Cash Flow
$
709.5
$
256.3
177%
Net Cash Flows Provided by Operating Activities / Net Income
406
%
112
%
294 pts
Free Cash Flow Conversion (Free Cash Flow/Adjusted EBITDA)
75
%
26
%
49 pts
1 Amounts may not sum due to rounding.
MATTEL, INC. AND
SUBSIDIARIES EXHIBIT IV WORLDWIDE NET SALES
AND GROSS BILLINGS1 (Unaudited)2
For the Three Months Ended
December 31,
For the Year Ended December
31,
2023
2022
% Change as Reported
% Change in Constant
Currency
2023
2022
% Change as Reported
% Change in Constant
Currency
(In millions, except percentage information) Worldwide Net Sales: Net Sales
$
1,620.7
$
1,401.9
16%
14%
$
5,441.2
$
5,434.7
—%
-1%
Worldwide Gross Billings by
Categories:
Dolls
$
763.1
$
589.3
29%
27%
$
2,394.2
$
2,084.0
15%
13%
Infant, Toddler, and Preschool
292.2
267.2
9
7
1,000.8
1,117.5
-10
-12
Vehicles
475.1
402.5
18
15
1,641.0
1,450.8
13
11
Action Figures, Building Sets, Games, and Other
310.8
300.5
3
1
1,065.8
1,396.1
-24
-25
Gross Billings
$
1,841.2
$
1,559.6
18%
16%
$
6,101.8
$
6,048.3
1%
-1%
Supplemental Gross Billings
Disclosure
Worldwide Gross Billings by Top 3 Power
Brands:
Barbie
$
473.1
$
372.2
27%
24%
$
1,537.8
$
1,490.6
3%
2%
Hot Wheels
417.5
351.9
19
16
1,432.4
1,251.4
14
13
Fisher-Price
245.3
216.7
13
11
852.6
935.9
-9
-10
Other
705.3
618.8
14
12
2,279.0
2,370.4
-4
-5
Gross Billings
$
1,841.2
$
1,559.6
18%
16%
$
6,101.8
$
6,048.3
1%
-1%
1 Gross billings represent amounts invoiced to customers and do not
include the impact of sales adjustments, such as trade discounts
and other allowances. Mattel presents changes in gross billings as
a metric for comparing its aggregate, categorical, brand, and
geographic results to highlight significant trends in Mattel’s
business. 2 Amounts may not sum due to rounding.
MATTEL, INC.
AND SUBSIDIARIES EXHIBIT V NET SALES AND GROSS
BILLINGS1 BY SEGMENT (Unaudited)2
For the Three Months Ended
December 31,
For the Year Ended December
31,
2023
2022
% Change as Reported
% Change in Constant
Currency
2023
2022
% Change as Reported
% Change in Constant
Currency
(In millions, except percentage information) North America Net Sales: Net Sales
$
865.0
$
657.1
32%
32%
$
3,003.2
$
2,987.8
1%
1%
North America Gross Billings by
Categories:
Dolls
$
341.5
$
224.5
52%
52%
$
1,153.8
$
940.3
23%
23%
Infant, Toddler, and Preschool
180.9
148.7
22
22
618.6
698.3
-11
-11
Vehicles
233.3
186.2
25
25
812.4
736.9
10
10
Action Figures, Building Sets, Games, and Other
180.1
142.3
27
27
633.5
810.6
-22
-22
Gross Billings
$
935.8
$
701.7
33%
33%
$
3,218.3
$
3,186.1
1%
1%
Supplemental Gross Billings
Disclosure
North America Gross Billings by Top 3
Power Brands:
Barbie
$
252.8
$
177.2
43%
43%
$
840.4
$
776.3
8%
8%
Hot Wheels
198.5
159.5
24
24
690.8
617.9
12
12
Fisher-Price
151.2
115.3
31
31
532.0
584.5
-9
-9
Other
333.3
249.8
33
33
1,155.1
1,207.3
-4
-4
Gross Billings
$
935.8
$
701.7
33%
33%
$
3,218.3
$
3,186.1
1%
1%
1 Gross billings represent amounts invoiced to customers and do not
include the impact of sales adjustments, such as trade discounts
and other allowances. Mattel presents changes in gross billings as
a metric for comparing its aggregate, categorical, brand, and
geographic results to highlight significant trends in Mattel’s
business. 2 Amounts may not sum due to rounding.
MATTEL, INC.
AND SUBSIDIARIES EXHIBIT VI NET SALES AND
GROSS BILLINGS1 BY SEGMENT (Unaudited)2
For the Three Months Ended
December 31,
For the Year Ended December
31,
2023
2022
% Change as Reported
% Change in Constant
Currency
2023
2022
% Change as Reported
% Change in Constant
Currency
(In millions, except percentage information) International Net Sales by Geographic Area:
EMEA
$
366.5
$
365.6
—%
-5%
$
1,241.5
$
1,324.4
-6%
-9%
Latin America
182.4
172.4
6
-2
658.0
591.0
11
2
Asia Pacific
103.3
97.1
6
7
331.3
304.6
9
12
Net Sales
$
652.2
$
635.1
3%
-2%
$
2,230.8
$
2,220.0
—%
-3%
International Gross Billings by
Geographic Area: EMEA
$
455.8
$
428.3
6%
1%
$
1,510.7
$
1,583.5
-5%
-7%
Latin America
223.5
202.7
10
1
776.4
687.9
13
3
Asia Pacific
118.7
113.4
5
6
382.3
356.8
7
11
Gross Billings
$
798.1
$
744.4
7%
2%
$
2,669.4
$
2,628.2
2%
-2%
International Gross Billings by
Categories: Dolls
$
314.3
$
251.3
25%
19%
$
1,026.2
$
909.7
13%
9%
Infant, Toddler, and Preschool
111.3
118.5
-6
-11
382.2
419.2
-9
-12
Vehicles
241.9
216.3
12
6
828.6
713.9
16
12
Action Figures, Building Sets, Games, and Other
130.6
158.2
-17
-22
432.3
585.5
-26
-29
Gross Billings
$
798.1
$
744.4
7%
2%
$
2,669.4
$
2,628.2
2%
-2%
Supplemental Gross Billings
Disclosure International
Gross Billings by Top 3 Power Brands: Barbie
$
220.3
$
195.0
13%
7%
$
697.4
$
714.2
-2%
-6%
Hot Wheels
219.0
192.4
14
8
741.6
633.5
17
13
Fisher-Price
94.1
101.5
-7
-13
320.6
351.4
-9
-13
Other
264.7
255.5
4
-2
909.8
929.1
-2
-6
Gross Billings
$
798.1
$
744.4
7%
2%
$
2,669.4
$
2,628.2
2%
-2%
1 Gross billings represent amounts invoiced to customers and do not
include the impact of sales adjustments, such as trade discounts
and other allowances. Mattel presents changes in gross billings as
a metric for comparing its aggregate, categorical, brand, and
geographic results to highlight significant trends in Mattel’s
business. 2 Amounts may not sum due to rounding.
MATTEL, INC.
AND SUBSIDIARIES
EXHIBIT VII
NET SALES AND GROSS BILLINGS1 BY SEGMENT (Unaudited)2
For the Three Months Ended
December 31,
For the Year Ended December
31,
2023
2022
% Change as Reported
% Change in Constant
Currency
2023
2022
% Change as Reported
% Change in Constant
Currency
(In millions, except percentage information) American Girl Net Sales: Net Sales
$
103.5
$
109.7
-6%
-6%
$
207.2
$
226.9
-9%
-9%
American Girl Gross Billings:
Gross Billings
$
107.4
$
113.5
-5%
-5%
$
214.2
$
234.0
-8%
-8%
1 Gross billings represent amounts invoiced to customers and do not
include the impact of sales adjustments, such as trade discounts
and other allowances. Mattel presents changes in gross billings as
a metric for comparing its aggregate, categorical, brand, and
geographic results to highlight significant trends in Mattel’s
business. 2 Amounts may not sum due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240207268046/en/
News Media Catherine Frymark catherine.frymark@mattel.com
Securities Analysts David Zbojniewicz
david.zbojniewicz@mattel.com
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