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Message: <blockquote data-quote="darjr" data-source="post: 9490245" data-attributes="member: 52905">Full transcript in spoiler.Note one important update, 350 people at WOTC not just DNDBeyond.[spoiler]and thanks for joining us today everyone I'm arpina kocharia Leisure and gaming animals with UBS and we are reallyexcited to have with us for a far side chat Chris Cox Chief Executive Officer of Hasbro and Cynthia Williams presidentwizard of the cost and digital gaming and Debbie Hancock kind of investor relations at Hasbro the focus of thiscall is going to be Hasbro's franchise Brand Magic the Gathering and Hasbro's long-term strategy for its gamingbusiness excuse me but before I go any further as an investment analyst I'm required toprovide certain disclosures relating to the nature of my own relationship and that of UBS with any company on which Iexpressively on this call today these disclosures are available at ubs.com disclosures or please reach out to meand I can provide them to you after this call also there will be no discussion of any confidential restricted or materialnon-public information on this call this is only a 30 40 minute call so we mightnot have time to open the lives for Q a but feel free to send me questions by email if we don't address them on thecall with all of that out of the way Chris Cynthia Debbie welcome and thankyou so much for your time today thanks for having us our peanut thanksit's great to be here thank you Debbie and I and I know you need to read some disclosures before webegin I also I also have to do a short disclosure so um thank you for having us todayum just before we begin I want to remind everyone that we may make some forward-looking statements our management team may make poor lookingstatements concerning our expectations goals objectives or similar matters and that there are many factors that couldcause actual results or events to differ materially from the anticipated results or other expectations expressed in theseforward-looking statements and the factors are in our annual report on form 10K our most recent 10q and other publicdisclosures and we have no undertake no obligation to update any for looking statements made today to reflect eventsor circumstances occurring after the date of this webcast very fantastic thank you thank youDebbie Chris why don't we start with you um you've been CEO of Hasbro since Februaryobviously unprecedented times middle of a global pandemic supply chain challenges and disruptions but as welook forward could you please update us on Hasbro's kind of granite entertainment strategy how how is thatdifferent from what that strategy was before yeah well hey first off thanks so muchfor having us uh it's great to be on and be able to share a little bit of insight on the company and particularly one ofour favorite Brands Magic the Gathering um I think Cynthia will have a wealth of information to share on that so in termsof our corporate strategy uh the new strategy that we rolled out in October we call Brand blueprint 2.0 uh it's acontinuation and an evolution of the successful blueprint strategy that we've been deploying for a little over adecade which is all around the concept of engaging and surrounding the consumer with a host of great play andstorytelling experiences that build Our Brands build our relationship with the consumer and help us build a profitableand healthy business you know where I think the big points on um the pivot on the strategy are in acouple areas first off we're shifting from a bit more of a breadth strategy with our old strategy to be more focusedon a depth strategy we call it fewer bigger better Brands Hasbro has over 1500 IP in our portfolio and we'rereally going to focus in on about uh eight to ten Brands and really grow themand those brands are going to be in places that we have a lot of strength as a company gaming being a big one wherewe believe we could be the leader in the category where we can drive above category growth and where we can drive areally nice profit profiles over the mid and long term the second aspect of the strategy is afocus on the consumer and really doubling down on our consumer insights on understanding our consumers and thenalso how we communicate with our consumers increasing our amp budgets uh driving new and Innovative experienceswith the consumer surrounding them with uh you know a host of Engagement opportunities whether that's big budgetmovies like we have with the upcoming D honor among Thieves movies or great video games like we have with magic theGathering Arena and then last but not least the strategy is a focus on discipline really drivingincremental operational excellence as a company so that we compare the Fantasticcreativity and design we have with you know a stronger cost management and webelieve that we're going to be able to accrue significant value of that in October we talked about a goal togenerate 250 to 300 million dollars of cost savings annually over the next three years we believe we're on track todo that and potentially even exceed that and you know I think that's just good business whether or not it's healthyEconomic Times or more challenging Economic Times civil position Hasbro to be able to invest in Our Brands anddeliver more cash to shareholders I think when you put it all together what blueprint 2.0 really is is it's aredoubling and a refocusing on our traditional mission of play you know Hasbro is going to celebrateour 100th anniversary next year you know we have this portfolio of amazing Brands and we've built those Brands throughPlay Starting as early as the ages of two to three and extending on into adulthood and blueprint 2.0 puts ourFocus squarely on our biggest brands with our best consumer insight and driving a little bit more discipline uhto pair with our great Innovation and creativity fantastic that wasgreat for opening Chris um thank you uh Cynthia you know as Chris mentioned Hasbro has a strong gaming portfolio onParallel really in the industry making up a significant portion of profits for the overall company could we talk aboutum your largest Brand Magic the Gathering um and could you start by giving us a brief overview of where that business istoday and then I have a quick follow-up for you Cynthia sure uh well thank you arpanay forhaving us first of all it's my pleasure to talk about magic it is really an amazing game with an incredible fan basemagic was created in 1993 and it's the world's first Trading Card Gamebeen played by over 50 million players to date in over 200 countriesthe gameplay is highly strategic and customizable to any individual's playstyle players take turns doing battle against each other by casting spells summoningcreatures and using artifacts that are depicted on individual cards that theplayer draws from their personalized deck uh Magic also offers multiple formats ofplay which determine the types of cards or the number of cards a player uses intheir deck some of those formats are more competitive and some are morecasual which offers a wide variety of Inland gameplay optionswe release new cards through expansion sets multiple times a year and there isreally nearly a limitless combination that players can use to suit theirdifferent play Styles and that all leads to a very high level of customization bythe player that's fantastic Cynthia when we when wethink about Hasbro we frankly we frequently think about kids but magic isnot typically played by kids what can you tell us and people on the call about the magic player today and how that hasbeen evolving sure uh we now we have multiplemultiple surveyed tens of thousands of magic fans on a variety of topicsrelated to the game uh the magic active tabletop player onaverage is 30 years old uh players range from about 13 years old to over 45. Ithink it's important to know that one-third of our players have less than three years of experience with the gameand another third has been playing for more than 10 years and so you end up with this wide rangeof Engagement we also look at how and why they play uhwe've seen growth in casual players who we estimate represent about 80 percentof the player base with the competitive player representing the remaining youknow in this single insight has really led to a major rethinking of ouroffering how to serve a growing and more diverse player baseplayers and fans participate across multiple segments and they overlap forexample in the Casual segment the format that's most popular and played by morethan 70 percent of our players is a social format called Commander uh it'splayed by four players at a time and it has a really unique and Cooperative rules that and we do specific productreleases to maximize this fan engagement over half of our players identify associal players meaning that they enjoy the gaining for the social experience and about 50 percent are collectors ofsome kind whether it be buying the cards for a themed commander deck strictly foraesthetic purposes or as an outlet for self-expression through their gameplayand finally I'd say we have over 10 million registered digital players withmagic Arena and in the past few years our fastest growing category of magicplayers are the hybrid players meaning they play on both digital and tabletopand this group tends to have the highest satisfaction rates with the game and thehighest level of spending in fact they spend 40 percent more than the average revenue of magic players across allexpressions that was just great I don't think I'veever heard this much of good color on kind of the player profile so this is super helpful thank youmy next question is for both Chris and you Cynthia Chris you were leadingWizards until earlier this year could you talk to us about how you grew that business and then Cynthia one of the keyquestions I get on Magic is that after an incredible run of four or five years of above average growth and Arenarollout that business is much bigger today so if you were to recap what'snext for magic and how you grow that business going forward because every gaming company on investors Minds sawuptick during covet and now seeing the reversal of that why could MTG be different and how you intend to growthat business uh going forward sure so I'll start off soum you know magic has been gosh I would argue one of the biggest success stories in the games categoryover the last probably decades I was fortunate enough to start in the business in 2016 after the business hadgrown I think for seven straight years uh we had started to see a little bit of a plateauing in that growth in 2014 and2015. and so we started to kind of really kind of understand okay why wasthat and in 2016 when magic you know was probably around350-ish million dollars maybe 400 million dollars at that time uh we really had a monolithic view ofthe player we thought there was one player it was a competitive player and uh we knew that there were other playersegments that existed like casual players and collectors but we honestlywere a little afraid uh that if we built products that deviated it all from ourtraditional approach of appealing to the competitive player that we would hurtthe business and what we found uh was actually the opposite um if we were able to segment our ourplayer profiles in just really simple ways so call it the competitive player the social player and The Collectorand build products that were bespoke to each of them we could make that each ofthose segments happier we could engage them more uh we could get more of theirtime and you know more of their share of wallet and grow the business as a wholeand as a result you know over that you know intervening six six and a half year period we'd probably either tripled orcome close to Triple uh the overall magic business and we've been able to do it across a wide set of productsum a wide set of segments that have made the business healthier than ever and we've been able to do it in a fairlybalanced way where we've been able to balance new player growth with lapseplayer react position because there's probably like close to 60 million people in the world who have ever played magicso actually people coming back to Magic is just as important to us as new players you've never played it before aswell as driving a little bit of Revenue growth per user through that segmentation approach which has beengood for us and it's been good for our Channel Partners uh whether the Tavi stores math stores or e-commercePartners like Amazon foreignI'd love to talk about a little bit about our plans to continue to grow magic especially in 2023 and Beyond andI will say we do have some good Tailwinds that are aiding us uh primarily that we are seeing this boldreturn to in-person play you know magic really thrives on that face-to-faceinteraction that wasn't able to happen during the pandemic our in-store playparticipation numbers are trending up and they're already back to about 75percent of where they were pre-pandemic uh we recently organized the largestever in-person event in Magic's history we had over 10 000 players Gather inperson in Las Vegas uh to kick off our 30th anniversary celebration it was suchan encouraging and fun fan event and we plan on having four more of those magiccons next year our first one will be in Philadelphia on February 17th throughthe 19th you know we've been releasing six tent pole sets for several yearswe'll do that again in 2023 with our new player acquisition strategy focused onthe universe's Beyond line this year we have the Lord of the Rings as a big Tempo release and we also havesmaller sets like Doctor Who that will attract the new players in future Yearsyou'll see a student saying with Final Fantasy and Assassin's Creed which will join the franchiseand of course we'll be celebrating Magic's 30th anniversary with our fans um the magic cons I mentioned I will bereleasing new products and we're especially excited to help our trade partners and our fans by offeringexclusive promo cards from each year of magic that will be available exclusivelythrough our Wizards play network network stores with every Temple set releaseno magic is bigger than it's ever been it's on Pace to become asbury's firstbillion dollar brand and our surveys show that our net promoters for globally has increased to the highest point it'sbeen at in the past three years foreignthank you that's very helpful I think that maybe this is a question for you regarding Arena which has been aobviously a huge success um I remember back in the day before MTG digitization you know the big pushbackor concern for investors was whether there was going to be cannibalization of that business once you go digital andnow we know it was actually additive to the business but my question is is there more to do in terms of monetizing kindof the digital aspects of the magic franchise absolutely now as I mentioned earlierour hybrid players are the most engaged and they spend the most so our effortsaround magic digital will drive increased play and integration across both tabletop and our digital platformsnow Wizards play Network stores are telling us that they see new playerscoming into their store who are ready to join that Community after they learn toplay Magic on Arena uh some magic the Gathering Arena hasbeen a great uh success for us but it still has room to grow as we continue toinvest to meet the needs of that wide range of players so in 2023 Arena will refactor our newplayer experience to improve onboarding for new players and help them quicklyfind the play experiences that appeal to them the most this will reinforce our acquisitionefforts and maximize the impact of our launch on Steam which is the biggestgaming platform in the world outside of mobile and it will be our largest platform expansion since our mobilelaunched last year we'll continue to engage uh new playersand long-time magic players with our expanding product releases and our event offerings including our first digitaluniverses Beyond set featuring Lord of the Rings we've seen really great engagement with our Premiere play launchthis year and 2023 we'll see our first full year of Arena championships andqualifier weekends as well as our increasingly popular Arena opensgreat thank you thank you and Chris maybe this is a question for you youknow inflation has been top of mind for investors and ability to take on pricingalso has been important and we have seen kind of more traditional toy sector takeon pricing throughout the past throughout the pandemic really but as I think about kind of price elasticity ofdemand for magic in my mind at least that is an overall Less Price elastic customer versus a kind of moretraditional toy consumer first do you think my assumption is correct second doyou believe pricing along with unit growth could drive magic over the next couple yearsyeah you know I I think just a the straight answer to your question is yes it tends to be a less priced elasticcustomer but you know obviously there's logical limits to that um you know we're very aware across ourbusiness of the pressures that the general consumers under and the general discretionary pressurediscretionary sectors under vis-a-vis inflation uh we have taken some pricingactions across our lineup at Hasbro and you know this year we took a pricingaction on about half of the magic line uh the first time we've done that in 10 years and you know we're very reluctantto do that um you know we've got a great brand we've got a great product and the thechallenge that we've had is there's just been a lot of costs build up inside of the General Paper Market uh paper pulpis more expensive significantly more expensive than it's been over the last couple years and the general TradingCard Market whether it's kind of fantasy or gamified trading cards like magic ormore Sports oriented trading cards have seen explosive growth so there's a fair amount of printing pressdemand that drives up some cost pressures now all that said you knowwhen we look at how we think about growing magic over time um you know Cynthia would be the expertat this but I I don't think it's about raising prices on magic cards or raising prices on Magic packs at the end of theday it's about growing our player base and it's about and it's about leaninginto our segmentation strategy and adding products that our players want and have a lot of play value andcollector's values and I think Cynthia and the team have been doing a very Adept job at that youknow certainly we have some of the best experts in the company driving that course great and that's actually a good segueto my question for Cynthia which is you know if it isn't price are you releasing then more product each year could yousort of go through pillars of growth for magic um and if you can briefly address DNDbut then we'll get back to DND in a bit but um if you could just sort of go through kind of those pillars of growth as yousee for magic and I'm sorry some of this could be a bit of repeat of what you said earlier Cynthia absolutely fineum you know our growth is coming from both our customer and product segmentation strategy which is backed bya lot of the data and insights and the Magics different fan bases we have innovated and experimented more in thelast four years than we did in the prior 26. and as a result we're serving moreplayer segments never before and so there's been a shift in how many skus werelease in a year so for example we've been on a Cadence of six Tempo releasesa year for over three years now and there are major releases that have the most to offer every kind of magic playerwith each of those Tempo releases we have expanded the number of booster product types to meet player preferencesincluding adding set boosters and collector boosters and then we'll have smaller print runproducts sprinkled between those Tempo releases that are opt-independing on what type of player you are and what resonates with you so we have acollectible product line called secret layer and we do some smaller sets like Infinity that fall in that category butif I were summarizing it I'd say our growth has come from monetizing more player segments and not just fromincreasing the spend of the same core set of players and our product release schedule really reflects thatbut I will say that in the second half of 2022 we had a really compressedrelease schedule that was partially driven by supply chain issuesum we don't intend we will not schedule Tempo releases this closely together going forward the supply chain issue Ireferenced resulted in two micro sets releasing on the same date in Octoberbut in 2023 we will return to our preferred release Cadence of approximately two months between ourTemple sets with individual micro sets sprinkled in between uh you asked about DND really brieflyI'll say that you'll see us leaning heavily into the expansion of DnDthrough DND beyond the acquisition that we did uh that closed this past maywe have about 13 million customers registered users there that we willcontinue to serve by giving them more ways to express their fandom fantastic and we'll have time hopefullyif we have time to come back to DND briefly after we're done sort of with magic but Cynthia I have aum I have a follow-up for you there has been this claim that you're printing too many cards what is your onesense one sentence answer to that or maybe two sentences whatever you prefer I'm gonna go a little one in twosentences you know yeah most of our magic releases and our skus are print to demand and this means thatwe print and reprint products in a set to support players and customers whowant to buy it usually to play with it and after an initial selling periodprior to the launch of a set uh all reorders after that set reflect realdemand and our average post launch sales quantities for our Tempo Premier setsremains unchanged in 2022 compared to 2021um in aggregate there is no evidence that magic is over printed and the sentiment of magic needs to cut printruns to support prices that's a misunderstanding of our business and our customers you know ifour prices for a print-to-demand product rise significantly soon after launchwell that simply means that we're not adequately meeting customer demand and we are making millions of playersunhappy at their lack of ability to acquire the cards they want to playno that's really helpful um and and I do want to go back brieflyto distribution Cynthia with all these kind of player segmentation what is theprimary way you're getting magic product into players hands and how that haschanged versus five years ago sure um our partnership with the more than 6000 Global Wizards play Network hobby stores that is the core sales channelfor our business it accounts for up to 70 of our sales in 22 year-to-date andwe are really delighted that we can support those passionate local small business owners to provide uniqueopportunities for our fans to engage and organize play and to build community at the local level and this is really atthe heart of our engagement strategy and it has great benefits for both partiesas indicated by our survey data every year we carry out a survey among the wpn hobby stores and we collectedfeedback this year for more than 2 200 of them uh it's a large representative sample and it gives us a really goodpulse on their health and we're pleased to see that this channel continues to grow has strong performance more than 80percent of our storage reported that they are growing or equal to last year and over 60 percent report growth intheir business now over the last five years we've continued to evolve our omni-channelretail strategy that involves continuing to expand our footprint at retailglobally e-commerce as well as are developing our direct consumercollectible offering fantastic fantasticum Cynthia maybe this is still for you there has been some chatterum kind of secondary market for these cards and that that values are coming down uh because you're printing too muchis that something that you keep track of is that something that concerns youyou know first and foremost magic is a deep and strategic game that is playedin hobby stores on kitchen tables and online so our goal is to continue togrow that player base and as I said previously we print and reprint products to meet demand from our players you knowmagic will be our first billion dollar brand this year we're growing that brand ahead of the industry and pushing theboundaries of where we can take the product more often than not we get that right like our universe is beyondproduct Warhammer 40K which is already on its third reprint due to demand andsometimes we step back and we listen to customer feedback like we did on our recent 30th Anniversary Edition where wescaled back the expected Supply to assure a great collector experience nowthat decision might not have been great for us in the short term financially but it was definitely the right call for thelong long-term health of the brand and it's good for our fans now we do understand that some players focus onthe collectible trading aspects of our product and we are always thrilled to see players enjoying and valuing ourproduct for years after the initial release but we don't participate insecondary Market activity for magic products nor do we derive any revenue from Trading or sellingwhat we do hear from some of our wpn stores that trade and sell cards afterinitial sale is that like any Market or any other collectible product someproducts and individual cards do become more collectible than others and valuescan change over time due to a multitude of external factors many entirelyunrelated to the number of cards printed now we have no indication that there hasbeen any broad negative changes to interest in trading or post-purchaseselling of magic products it could be easy for someone who isunfamiliar with our pre-release sales strategy to draw a negative conclusionabout changes in resale values shortly after the release but the truth is thatmagic products are regularly put on sale early exclusively through our wpn storesas part of a pre-release program that is designed to encourage in-store play atthose stores it is common and expected for the secondary Market values forthose new products to shift dramatically and immediately following pre-release asmore products become available in the market those value shifts are simplySupply catching up with demand yeah I do think there's a fair amount ofmisunderstanding about all of this so thank you for that um and I am scanning through some of thequestions I've been getting but let me just uh sort of address one that I also has come up you know Talent acquisitionand retention I know has been and the fact that magic has to compete with a big Tech is something that has has beenpretty focused on as you uh built those teams um I'm wondering if that has easeda bit in terms of hiring and retention um given what's going on in the big Techworld yeah you know we've hired over 350 people this year at Wizards of the Coastand given the macroeconomic climate we are also seeing some availability ofamazing talent in the market uh and our attrition is low compared with othergaming companies you know people want to work at Wizards for a number of reasons uh primarily they're working on gamesthey love our games have incredibly loyal passionate fans who are excited towork on and help shape the gains that they've grown up playing and of course it's always great to work on a businessthat is growing and being invested ingreat great um and this question is perhaps both for uh Chris and and you Cynthiaum I was wondering if you could share um your vision on how you approachDND monetization and digitization and how that's going to be different from Magicand really how you approach that in general um if we could give kind of an overviewof uh that here in terms of what's next for DND and how that franchise isdifferent from when you were looking at Magic back in 2000 2017 2018oftentimes the question I get from investors is how do you digitize a game that's been around for 50 years right Iimagine DND is obviously older than magic a lot and along with that perhaps we can touch on how the integration ofDnD and Beyond is going um growth in transactions or whatever you could sharemind if I start Chris yeah yeah yeah I mean the only thing I'd have to add is every time you talk aboutthe hiring rate at Wizards I am just absolutely floored um you know my family still lives inSeattle I live here in Providence and I I will go back to the Wizards offices and it's like I'm a senior it's like I'ma graduated senior returning the next year to high school and I don't I don't recognize that classit's a tribute to uh it's a tribute to that business and the great job that team's doing growing the talent pooloh thank you Chris uh you know D D is has never been more popular and we havereally great fans and incredible engagement but uh the first thing I saw with it is the brand is really undermonetized uh earlier this year we acquired D Beyond and we're reallyexcited about the possibilities the platform provides and the positivemomentum we've already seen we made this acquisition uh tostrengthen our connection to players and to power our next phase of product development user acquisition and to havelive service tools through which we gain really valuable data-driven insights youknow with ddb we have a window into how fans are playing the game daily even ifthey're playing around the dining room table many of our DND fans use Dungeonsand Dragons Beyond as a companion app on their phone to make the experience better and this gives us a look at howpeople are playing in their homes that we never had before so when we think about our future monetization we starthere you know dungeon Masters which are the people who guide you through theadventure they only make up about 20 of the audience that they are the largestshare of our paying players but the rest of the players at the table we believedigital will allow us to offer a lot more options to create rewarding experiences post-sell that helps usunlock the type of recurrent spending you see in digital games where more than70 of the revenue in digital gaming comes post sale uh the speed of digital uh means thatwe're able to expand from what is essentially a yearly book publishing modelto a recurrent spending environment and we're offering content that we know fanswant uh so we're super excited about the type of type of opportunities we have with DMD to expand beyond the tabletopto reach highly engaged multi-generational fans all around the globeyeah and uh I think the only thing I'd add to that answer isyou know if you look at like a super simplified view of the strategy it wasn't to the coastum magic is this super deep single quadrant brandum does a fantastic job engaging a very loyal and passionate audienceand I think our strategy at Wizards uh that you know Cynthia and the team are really leaning intois growing that engagement and growing that player base uh over the nextseveral years so that our new player growth and our reacquired player growth are really kind of carrying the growthof the brand and you can see that in the initiatives that we're investing in like uhexpanding distribution of Arena steam is the biggest PC distribution platform inthe world that should be a nice kind of leg up for arena we also continue to look at other platforms like consolesthere's another opportunity for that and then I can't understate how important universe is beyond this andhow much uh early success we've seen in you know crossovers like we did lastyear with d and d which at the time was our best-selling summer set everum and then what we did most recently with Warhammer 40K which as Cynthiamentioned is on its third demand trigger reprint like we can't keep up with the demand there and that's just a great wayto kind of engage that Warhammer fan base in a very similar similarly deepand lore Rich Game and get them activated with us and we see a lot ofupside to that particularly with big Mega Brands like Lord of the Rings that we think will be important and uh trustme we have a lot more uh plans for that and some exciting news that I think we'll be able to share with our fanssoon so Magic's a deep single quadrant strategy uh d and d d when I go to cocktailparties and I say and people ask me what do I do you know you know what I used to say is hey I was president of wizards ofcoast and they'd say what's that and um I'd say well we make magic gatheringand then we make and we make Dungeons and Dragons I'd have maybe a three and ten hit rate on people understandingwhat magic was but if I did I would have an incredibly deep conversation and the cocktail party would effectively be overfor all other participants um or or like for d d though it was 10out of 10. everyone knows TNT everyone grew up with it in the 70s and 80s played the video games in the 90s andearly OTS uh and knows it's a cultural phenomena right now and so like you know the the the the thethe D and D strategy if the magic strategy is a deep single quadrant strategy the Dand D strategy is a broad four quadrant strategy where we have this powerful brand that has similar awareness to likeuh Lord of the Rings or um Harry Potter and we're going to imbueit with Blockbuster entertainment like we have with the movie coming up uh AAAtrue AAA high-end gaming like we're gonna have with Baldur's Gate 3 next year and then just an amazing set ofproducts that we will activate as Hasbro across our blueprint whether that's what we're doing at DND beyond what we'redoing is hobby stores uh with new books and accessories or what our consumer products team and Licensing team aredoing to build out a host of new Collectibles and toys and games for a more casual fanso I you know as excited as I think Cynthia and I are for Magic's growthpotential over the coming mid and long term I think D could be a real new legin stool for our gaming portfolio as a whole and for Wizard specificallythat was great thank you and I promised 30 for 40 minute call but let's take onemore question and that's it I'm trying to actually scan some questions to make sure I'm incorporating what I'm gettingby email as well uh and you already addressed that in some ways right nextyear Hasbro has a much better film slate including the scheduled release of uhDungeons and Dragons honor among Thieves on March 31st uh I think 2023 how do youdefine success with that film outside of the obvious kind of movie proceeds and upside to that economics what would itmean for the DND franchise how do you define that success uh to me the the d d film is the firstbig light up opportunity for that powerful four quadrant brand you know the DND film uh shouldby all accounts we feel like it's going to have a healthy box office it's goingto have significant marketing you know uh Paramount uh prior to uh the latestTransformers um the latest Transformers rise of the Beast um trailers that just that just releasedlast week D was on track to be one of the top uh viewed trailers ever byParamount uh Transformers took that took that honor uh most recently so we'restill happy about that but you know I think we're going to be able to light up d d awareness we're going to be activebe able to activate that awareness with the host products at retail gaming and online and then we're going to follow itup um you know we're gonna follow it up with a host of video games that welicense out work with like great Partners like larion uh with Baldur's Gate 3 that we develop ourselves andthen follow that up with a host of new entertainment like to me Dungeons and Dragons is thereal poster child for blueprint 2.0 our overall corporate engagement story whichis doubling down on play supercharging play with great storytelling and entertainment and focusing on a categorythat we're an early leader in the best innovator in and have every right to win uh and grow our profitability and growour return to shareholders so consider me long on D and D oh fantastic that's agreat note to end this call on um and we are actually over 40 minutes so I apologizefor that uh I think we're going to conclude the call here thank you so much this was great Chris Cynthia Debbiethank you so much uh for making this possible and thanks everyone for joiningour PNA thanks so much and uh have a happy holiday you too thank you thankyou bye take care e[/spoiler]</blockquote>

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