BEDMINSTER, N.J., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Matinas BioPharma Holdings, Inc. (NYSE American: MTNB) announces that negotiations under the previously disclosed non-binding term sheet regarding global rights to MAT2203, its oral formulation of amphotericin B, have been terminated following notification from the prospective partner. As a result, Matinas has implemented an 80% workforce reduction effective immediately, eliminating 15 positions including three members of senior management, and has ceased ...

Part I [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents Mattel's unaudited consolidated financial statements for the period ended September 30, 2024, including the Balance Sheets, Statements of Operations, Comprehensive Income, Cash Flows, and Stockholders' Equity, along with detailed notes covering accounting policies, segment information, debt, and contingencies [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2024, Mattel's total assets increased to $6.51 billion from $6.24 billion year-over-year, while total stockholders' equity rose to $2.31 billion from $2.04 billion, with cash and equivalents improving significantly to $723.5 million and total debt remaining stable at approximately $2.33 billion Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2024 | Sep 30, 2023 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | **Total Current Assets** | $3,180,380 | $3,042,099 | $3,122,347 | | **Total Assets** | $6,513,733 | $6,244,554 | $6,435,822 | | **Total Current Liabilities** | $1,298,619 | $1,304,556 | $1,342,480 | | **Long-Term Debt** | $2,333,260 | $2,328,897 | $2,329,986 | | **Total Liabilities** | $4,200,787 | $4,209,088 | $4,286,609 | | **Total Stockholders' Equity** | $2,312,946 | $2,035,466 | $2,149,213 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For the third quarter of 2024, net sales decreased 4% year-over-year to $1.84 billion, but net income surged 155% to $372.4 million, primarily due to a significantly lower provision for income taxes, with diluted EPS for Q3 at $1.09 Q3 & Nine Months Statement of Operations (in thousands, except per share data) | Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $1,843,904 | $1,918,788 | $3,733,141 | $3,820,531 | | **Gross Profit** | $978,996 | $977,934 | $1,898,602 | $1,793,527 | | **Operating Income** | $488,341 | $473,858 | $536,030 | $421,596 | | **Net Income** | $372,376 | $146,319 | $400,955 | $67,034 | | **Diluted EPS** | $1.09 | $0.41 | $1.16 | $0.19 | [Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Comprehensive income for Q3 2024 was $391.8 million, a significant increase from $109.4 million in Q3 2023, driven by higher net income and a positive swing in other comprehensive income from a loss of $36.9 million to a gain of $19.4 million, mainly due to favorable currency translation adjustments Comprehensive Income (in thousands) | Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $372,376 | $146,319 | $400,955 | $67,034 | | **Other Comprehensive Income (Loss)** | $19,412 | $(36,889) | $(10,737) | $(22,663) | | **Comprehensive Income** | $391,788 | $109,430 | $390,218 | $44,371 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, net cash used for operating activities improved to $61.6 million from $79.6 million in the prior year, while cash used for investing activities increased to $151.7 million and cash used for financing activities rose to $314.2 million, primarily due to increased share repurchases Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash flows used for operating activities** | $(61,583) | $(79,641) | | **Net cash flows used for investing activities** | $(151,740) | $(93,912) | | **Net cash flows used for financing activities** | $(314,228) | $(119,451) | | **Change in Cash and Equivalents** | $(537,831) | $(305,500) | | **Cash and Equivalents at End of Period** | $723,532 | $455,735 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations for the financial statements, covering basis of presentation, segment information changes, debt structure, restructuring programs, and legal contingencies, including the new "Optimizing for Profitable Growth" program, a new revolving credit facility, and updates on litigation - In Q1 2024, the American Girl business was integrated into the North America segment, changing the reportable segments to North America and International, with prior period data reclassified to conform[71](index=71&type=chunk) - The "Optimizing for Profitable Growth" (OPG) program was announced in February 2024, targeting **$200 million in annual gross cost savings by 2026**, with cumulative charges of **$73 million** recorded as of September 30, 2024[60](index=60&type=chunk)[64](index=64&type=chunk)[124](index=124&type=chunk) - In July 2024, Mattel entered into a new **$1.40 billion** senior unsecured revolving credit facility maturing in 2029, replacing the prior secured facility[28](index=28&type=chunk) - A settlement was preliminarily approved in August 2024 for the Fisher-Price Rock 'n Play Sleeper class action lawsuit, with the accrued liability not material[68](index=68&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for the third quarter and first nine months of 2024, highlighting a 4% decline in Q3 net sales year-over-year due to the 2023 Barbie movie success, but significant gross margin expansion to 53.1% and a 154% increase in net income, supported by strong liquidity and a new credit facility [Results of Operations—Third Quarter](index=30&type=section&id=Results%20of%20Operations%E2%80%94Third%20Quarter) In Q3 2024, net sales fell 4% to $1.84 billion, while gross profit was flat at $979.0 million and operating income grew 3% to $488.3 million, with gross margin improving by 210 basis points to 53.1% due to supply chain efficiencies and cost savings, leading to a 154% surge in net income to $372.4 million Q3 2024 vs Q3 2023 Consolidated Results (in millions) | Metric | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | **Net sales** | $1,843.9 | $1,918.8 | -4% | | **Gross profit** | $979.0 | $977.9 | 0% | | **Gross Margin** | 53.1% | 51.0% | +210 bps | | **Operating income** | $488.3 | $473.9 | +3% | | **Net income** | $372.4 | $146.3 | +154% | Q3 2024 Gross Billings by Category (in millions) | Category | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Dolls | $757.1 | $884.5 | -14% | | Infant, Toddler, and Preschool | $349.8 | $361.1 | -3% | | Vehicles | $580.0 | $518.5 | +12% | | Action Figures, Building Sets, Games, and Other | $364.3 | $357.7 | +2% | | **Total Gross Billings** | **$2,051.1** | **$2,121.8** | **-3%** | - Gross margin increased to **53.1%** from **51.0%** year-over-year, driven by supply chain efficiencies (**+190 bps**), OPG program savings (**+80 bps**), favorable FX (**+70 bps**), and cost deflation (**+50 bps**), partially offset by unfavorable mix (**-180 bps**)[89](index=89&type=chunk) [Results of Operations—First Nine Months](index=36&type=section&id=Results%20of%20Operations%E2%80%94First%20Nine%20Months) For the first nine months of 2024, net sales decreased 2% to $3.73 billion, while gross margin expanded significantly by 400 basis points to 50.9% due to efficiencies and cost deflation, leading to a 27% rise in operating income to $536.0 million and a nearly six-fold increase in net income to $401.0 million Nine Months 2024 vs 2023 Consolidated Results (in millions) | Metric | Nine Months 2024 | Nine Months 2023 | % Change | | :--- | :--- | :--- | :--- | | **Net sales** | $3,733.1 | $3,820.5 | -2% | | **Gross profit** | $1,898.6 | $1,793.5 | +6% | | **Gross Margin** | 50.9% | 46.9% | +400 bps | | **Operating income** | $536.0 | $421.6 | +27% | | **Net income** | $401.0 | $67.0 | +498% | Nine Months 2024 Gross Billings by Category (in millions) | Category | Nine Months 2024 | Nine Months 2023 | % Change | | :--- | :--- | :--- | :--- | | Dolls | $1,465.6 | $1,631.1 | -10% | | Infant, Toddler, and Preschool | $675.1 | $708.6 | -5% | | Vehicles | $1,247.4 | $1,165.9 | +7% | | Action Figures, Building Sets, Games, and Other | $763.2 | $755.0 | +1% | | **Total Gross Billings** | **$4,151.4** | **$4,260.6** | **-3%** | [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Mattel's primary liquidity sources are its cash balance, a new $1.40 billion revolving credit facility, and operating cash flows, with cash and equivalents at $723.5 million as of September 30, 2024, and $887.8 million in operating cash flow for the trailing twelve months, while total debt remained stable at $2.33 billion Capitalization Summary (in millions) | Component | Sep 30, 2024 | Sep 30, 2023 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | Cash and equivalents | $723.5 | $455.7 | $1,261.4 | | Total debt | $2,333.3 | $2,328.9 | $2,330.0 | | Stockholders' equity | $2,312.9 | $2,035.5 | $2,149.2 | | **Total capitalization** | **$4,646.2** | **$4,364.4** | **$4,479.2** | - Cash and equivalents stood at **$723.5 million**, with **$499.4 million** held by foreign subsidiaries[129](index=129&type=chunk) - In the first nine months of 2024, cash used for operating activities improved to **$61.6 million** from **$79.6 million** year-over-year, while cash used for financing increased to **$314.2 million** from **$119.5 million**, mainly due to **$158.4 million** of higher share repurchases[133](index=133&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Mattel is primarily exposed to foreign currency exchange rate risk, particularly from the Euro, Chinese yuan, and Mexican peso, which it mitigates using foreign currency forward exchange contracts, with a hypothetical one percent change in the U.S. dollar estimated to impact Q3 net sales by approximately 0.3% and have a minimal impact on EPS - The primary currencies causing foreign currency transaction exposure in the first nine months of 2024 were the Euro, Chinese yuan, and Mexican peso[145](index=145&type=chunk) - Mattel estimates that a **1% change in the U.S. dollar** would have impacted its third-quarter net sales by approximately **0.3%** and would have less than a **$0.01** impact on its net income per share[145](index=145&type=chunk) [Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that as of September 30, 2024, the company's disclosure controls and procedures were not effective due to a previously disclosed material weakness in internal control over financial reporting, for which a remediation plan is underway with new controls implemented but requiring further testing - The CEO and CFO concluded that disclosure controls and procedures are **not effective** as of September 30, 2024, due to a material weakness in internal control over financial reporting[146](index=146&type=chunk) - A remediation plan is in progress, with new program change management controls implemented in Q3 2024, however, the material weakness is not yet considered remediated as additional time is needed for testing and implementation of other controls[147](index=147&type=chunk) Part II [Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the details from Note 20 of the financial statements, which discusses ongoing litigation, including key cases related to Yellowstone do Brasil, the Fisher-Price Rock 'n Play Sleeper, and the Fisher-Price Snuga Swings - This section references Note 20, which details contingencies and legal proceedings concerning Yellowstone do Brasil, Fisher-Price Rock 'n Play Sleeper, and Fisher-Price Snuga Swings[149](index=149&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 - No material changes to risk factors from the 2023 Annual Report on Form 10-K were reported[150](index=150&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2024, Mattel purchased approximately 3.8 million shares of its common stock for an average price of $19.10 per share, with $731.7 million remaining authorized for repurchase under its $1.00 billion program announced in February 2024 Issuer Purchases of Equity Securities (Q3 2024) | Period | Total Shares Purchased | Average Price Paid per Share | Approx. Dollar Value Remaining in Program | | :--- | :--- | :--- | :--- | | July 1-31 | 5,677 | $19.28 | $800,014,073 | | August 1-31 | 3,733,131 | $19.10 | $731,693,173 | | September 1-30 | 53,845 | $19.04 | $731,693,173 | | **Total** | **3,792,653** | **$19.10** | **$731,693,173** | - As of September 30, 2024, **$731.7 million** remained available for share repurchases under the **$1.00 billion** program authorized in February 2024[151](index=151&type=chunk)

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Mattel, Inc. MAT shares are trading higher on Thursday. Analysts adjusted the company’s price target following the third-quarter results reported on Wednesday.Mattel reported EPS of $1.09 per share, which beat the analyst consensus estimate of 95 cents. Quarterly revenue came in at $1.843 billion, which missed the analyst consensus estimate of $1.858 billion.Mattel revised FY24 net sales guidance to comparable-slightly down in constant currency while maintaining adjusted EPS outlook at $1.35 and $1.45 versu ...

Core Insights - Mattel, Inc. reported strong third-quarter 2024 results, with adjusted earnings and net sales exceeding the Zacks Consensus Estimate, marking a recovery after three consecutive quarters of misses [1][3] - Year-over-year, net sales declined while adjusted earnings increased, driven by the company's Optimizing for Profitable Growth program and a focus on expanding its IP-driven toy business and entertainment offerings [1][2] Financial Performance - Adjusted earnings per share (EPS) reached $1.14, surpassing the Zacks Consensus Estimate of 94 cents by 21.3%, compared to $1.08 in the prior-year quarter [3] - Net sales totaled $1.844 billion, slightly exceeding the consensus estimate of $1.837 billion by 0.4%, but reflecting a 4% decline year-over-year [3] - North America segment net sales fell 3% year-over-year, while the International segment saw a 5% decrease [3][4] Category Performance - Worldwide gross billings by Mattel Power Brands decreased 3% year-over-year to $2.05 billion, with Dolls experiencing a significant 14% decline due to lower sales of Barbie [5] - Gross billings for Vehicles increased by 12%, primarily driven by growth in Hot Wheels, while Action Figures, Building Sets, Games, and Other saw a 2% increase [5] Operational Efficiency - Adjusted gross margin improved to 53.1%, up 210 basis points year-over-year, attributed to supply-chain efficiencies and cost savings from the Optimizing for Profitable Growth program [7] - Adjusted EBITDA rose 1% year-over-year to $584.4 million, while adjusted selling and administrative expenses increased by $23 million to $370 million [7] Balance Sheet Overview - As of September 30, 2024, cash and cash equivalents were $723.5 million, down from $1.26 billion at the end of 2023, while total inventories decreased to $737.2 million from $790.5 million year-over-year [8] - Long-term debt remained stable at $2.33 billion, with shareholders' equity reported at $2.31 billion [8] Future Outlook - For the upcoming quarter, Mattel anticipates net sales growth driven by a strong holiday season and a toyetic theatrical slate [2] - The company revised its 2024 outlook, expecting net sales to be comparable to slightly down from the prior year's $5.44 billion, with adjusted gross margin expectations increased to approximately 50% [9]

Shoppers at a Walmart store on Black Friday in Secaucus, New Jersey, on Nov. 24, 2023.Mattel and Hasbro decreased their end-of-year guidance ahead of the key holiday season as toy sales continue to slide during the third quarter.Earnings per share for both toy giants beat out Wall Street expectations while revenue missed, according to consensus estimates compiled by LSEG.But mixed results for both companies' third quarters were reflected in the updated year-end guidance for 2024.Mattel said it expects sales ...

Third Quarter 2024 Earnings (Unaudited Results) October 23, 2024 Cautionary Note Regarding Forward-Looking Statements / Presentation Information Mattel cautions the viewer that this presentation 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 fo ...

Financial Data and Key Metrics Changes - Net sales declined 4% as reported and 3% in constant currency compared to the prior year [7][14] - Adjusted gross margin increased 210 basis points to 53.1% [7][18] - Adjusted EBITDA improved 1% to $584 million [7][19] - Adjusted EPS grew 6% to $1.14 [7][19] - Free cash flow in the trailing 12 months improved nearly 50% to $688 million [7][20] Performance by Business Line - Dolls gross billings were down 14%, impacted by the prior year's success of the Barbie movie [15][8] - Vehicles gross billings grew 13%, driven by Hot Wheels and supported by streaming content [15][8] - Infant, Toddler, and Preschool declined 2%, while Fisher-Price grew 2% [16][8] - Challenger categories collectively grew 3%, with the Games category achieving double-digit growth driven by Uno [16][8] Market Data and Key Metrics Changes - North America declined 3% primarily due to the Barbie movie comparison [17] - EMEA declined 6%, also impacted by the movie-related comparison [17] - Latin America grew 2%, driven by gains in Mexico and Brazil [17] - Asia-Pacific grew 8%, driven by gains in India and Japan [17] Company Strategy and Industry Competition - The company continues to execute its multiyear strategy to grow its IP-driven toy business and expand its entertainment offerings [6][13] - The toy industry is expected to return to growth beyond 2024, driven by strong fundamentals and increased demand for toys [12][39] - The company is well-positioned competitively with a broad-based lineup of innovative products for the holiday season [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a good holiday season, supported by positive retail sentiment and demand for toys [27][63] - The company anticipates growth in the fourth quarter and expects to gain market share [27][34] - Management noted that the toy industry continues to perform better than initially expected, with a modest decline anticipated for the full year [12][38] Other Important Information - The company has repurchased $268 million of shares through the first nine months of the year [7][20] - The Optimizing for Profitable Growth Program is expected to generate approximately $75 million of savings in 2024, exceeding the original target [22][58] Q&A Session Summary Question: Retail environment concerns and growth guidance for Q4 - Management noted that the toy industry is performing better than expected and anticipates growth in Q4, supported by consumer demand for well-known brands [26][27] Question: Margin outlook for Q4 - Management indicated that margins may be pressured due to expected cost inflation and the wrap of movie-related benefits [28][29] Question: Understanding POS and gross billings relationship - Management explained that retail inventory movements can be volatile and that they are well-positioned for the holiday season despite the decline in POS [31][33] Question: Factors driving optimism for industry growth in 2025 - Management highlighted strong industry fundamentals and the importance of toys in consumers' lives as key drivers for future growth [38][39] Question: Impact of retail partner payment term changes on free cash flow - Management confirmed no impact on free cash flow guidance despite changes in payment terms from a major retail partner [40] Question: Capital expenditures and share repurchase pace - Management discussed the acquisition of a new global design center and indicated that share repurchases will continue in line with capital allocation priorities [41][44] Question: Digital gaming initiatives and launch schedule - Management outlined the strategy for digital gaming, emphasizing the importance of extending physical play into the virtual world [46][48] Question: SG&A growth drivers - Management noted that SG&A is expected to increase slightly as a percent of sales due to investments in digital gaming and IT capabilities [49] Question: Changes in outlook for Power brands - Management stated there were no changes in overall category guidance or expectations for Power brands [64]

Barbie Dream Besties, from Mattel, are displayed at the TTPM 2024 Holiday Showcase event, in New ... [+] York, Tuesday, Sept. 17, 2024. (AP Photo/Richard Drew)Copyright 2024 The Associated Press. All rights reservedMattel has lowered its sales forecast for the year, in large part due to a 17% decline in gross billings for Barbie merchandise during the third quarter.The Barbie brand was up against tough comparisons to last year’s third quarter, when Mattel reaped the lion’s share of what was estimated to be ...

Mattel (MAT) reported $1.84 billion in revenue for the quarter ended September 2024, representing a year-over-year decline of 3.9%. EPS of $1.14 for the same period compares to $1.08 a year ago.The reported revenue represents a surprise of +0.38% over the Zacks Consensus Estimate of $1.84 billion. With the consensus EPS estimate being $0.94, the EPS surprise was +21.28%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine thei ...