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- **Revenue Growth**: Q3 revenue up 8%, full-year guidance for high single-digit growth. MAGIC segment revenue +55% year-to-date.
- **MAGIC Dominance**: Universes Beyond collaborations (Final Fantasy, Spider-Man) drive 40% year-to-date growth. Q4 releases include Avatar: The Last Airbender and Final Fantasy holiday sets.
- **Cost Efficiency**: $150M savings YTD, targeting $1B by 2027. Tariff impact mitigated to $60M for 2025.
- **Digital Gaming**: EXODUS development costs (~$100-250M) will impact P&L, but expected to drive long-term growth.
- **Supply Chain Resilience**: Aiming for <30% China supply chain reliance by 2026, with U.S. manufacturing expansion.
- **Q4 Momentum**: Strong Wizards performance, CP POS acceleration, and inventory restocking support Q4 growth.

**【CEO Summary Section】**
- **Q3 Performance**: Revenue and operating profit grew robustly, driven by the "Playing to Win" strategy. Year-to-date revenue up 7%, adjusted operating profit up 14%. Full-year guidance: high single-digit revenue growth, adjusted operating profit exceeding 20%.
- **MAGIC Success**: 40% year-to-date growth, with Universes Beyond collaborations (e.g., Final Fantasy, Spider-Man) driving engagement. Q4 releases include Avatar: The Last Airbender and Final Fantasy holiday sets.
- **Wizards of the Coast**: D&D book sales at record levels, D&D Beyond virtual tabletop traffic up 50%. Digital gaming initiatives, including EXODUS, to be showcased at Game Awards.
- **Consumer Products**: POS acceleration post-supplier transition, new products (Nano-mals, DJ Furby) gaining traction. Tariffs impacting margins, but supply chain diversification aims to reduce China reliance to <30% by 2026.
- **Strategic Initiatives**: New Netflix collaboration (KPop Demon Hunters), U.S. manufacturing expansion, and tariff mitigation strategies.

**【CFO Financial Commentary】**
- **Q3 Financials**: Net revenue $1.4B (+8%), adjusted operating profit $356M (+8%), adjusted EPS $1.68. Wizards segment revenue up 42% (MAGIC +55%), Consumer Products down 7% due to tariffs. Entertainment segment revenue up 8%.
- **Cost Management**: $150M realized savings YTD, targeting $1B by 2027. Tariff impact $60M for 2025, mitigated by pricing, mix, and productivity.
- **Guidance Update**: Full-year revenue +high single digits, adjusted operating margin 22-23%. Wizards revenue +36-38%, Consumer Products -5-8%.
- **Cash Flow**: $490M operating cash flow YTD, $294M returned via dividend, $20M debt reduction.

**【Q&A Highlights】**
- **4Q Outlook**: Strong Wizards momentum (Avatar, Final Fantasy), CP POS acceleration, and inventory restocking. Adjusted EBITDA expected ~$1.25B.
- **Tariff Impact**: 2025 impact $60M, 2026 outlook uncertain but proactive mitigation strategies in place.
- **EXODUS Costs**: Development costs (~$100-250M) will flow through P&L as depreciation, affecting gross margin but driving long-term growth.
- **Inventory Trends**: Retail inventories down mid-teens, replenishment orders strong, supporting Q4 growth.
- **D&D Expansion**: Digital games in development, aiming to replicate MAGIC's success in casual and core markets.

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