Mattel (MAT) Q3 FY2023 earnings: revenue $1.9 billion, up 9.3% on the year

Mattel Inc. (MAT) reported revenue of $1.9 billion for Q3 FY2023, the quarter ended 30 September 2023, up 9.3% on the same quarter a year earlier. Net income was $146 million, down 49.5% on the year, and diluted earnings per share $0.41. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2023.

Revenue$1.9 billionup 9.3%

Net income$146 milliondown 49.5%

Diluted EPS$0.41

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,919	n/a	n/a	n/a
Cost of revenue	941	n/a	n/a	n/a
Gross profit	978	n/a	n/a	n/a
Gross margin	51.0%	n/a	n/a
Research and development	49.8	n/a	n/a	n/a
Operating income	474	n/a	n/a	n/a
Operating margin	24.7%	n/a	n/a
Interest expense	30.7	n/a	n/a	n/a
Pre-tax income	450	n/a	n/a	n/a
Income tax	309	n/a	n/a	n/a
Effective tax rate	68.7%	n/a	n/a
Net income	146	n/a	n/a	n/a
Net margin	7.6%	n/a	n/a
Diluted EPS	$0.41	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	246	n/a	n/a	n/a
Capital expenditure	23.8	n/a	n/a	n/a
Free cash flow	222	n/a	n/a	n/a
Free cash flow margin	11.6%	n/a	n/a
Cash from investing	-31.9	n/a	n/a	n/a
Cash from financing	-48.1	n/a	n/a	n/a
Depreciation and amortisation	45.6	n/a	n/a	n/a
Share-based compensation	15.5	n/a	n/a	n/a
Buybacks	60.0	n/a	n/a	n/a
Diluted shares, weighted	357m	n/a	n/a	n/a
Shares outstanding at period end	353m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,035	n/a	n/a	n/a
Debt	2,329	n/a	n/a	n/a
Operating lease liabilities	235	n/a	n/a	n/a
Other liabilities	1,645	n/a	n/a	n/a
Total liabilities and equity	6,245	n/a	n/a	n/a
Fixed assets	457	n/a	n/a	n/a
Goodwill	1,380	n/a	n/a	n/a
Intangible assets	398	n/a	n/a	n/a
Cash and equivalents	456	n/a	n/a	n/a
Receivables	1,571	n/a	n/a	n/a
Inventory	791	n/a	n/a	n/a
Other assets	1,192	n/a	n/a	n/a
Total assets	6,245	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,919	1,621	810	1,080	1,844	1,646	827	1,019	1,736	1,766	862	1,125
Cost of revenue	941	830	421	549	865	811	419	500	868	956	475	583
Gross profit	978	790	389	531	979	835	408	519	868	810	387	542
Gross margin	51%	49%	48%	49%	53%	51%	49%	51%	50%	46%	45%	48%
R&D	49.8	50.3	47.6	47.4	46.8	52.2	46.8	49.4	54.5	76.7	59.9	70.4
Operating income	474	140	-35.5	83.2	488	158	-53.0	78.5	380	141	-103	10.9
Operating margin	25%	9%	-4%	8%	26%	10%	-6%	8%	22%	8%	-12%	1%
Interest expense	30.7	31.3	30.1	30.0	29.4	29.4	29.2	29.4	29.4	30.7	31.1	31.8
Pre-tax income	450	115	-53.9	59.5	472	145	-79.3	62.9	358	117	25.0	-18.0
Tax rate	69%	-24%	n/a	15%	23%	7%	n/a	26%	24%	15%	-130%	n/a
Net income	146	147	-28.3	56.9	372	141	-40.3	53.4	278	106	61.0	-18.2
Net margin	8%	9%	-3%	5%	20%	9%	-5%	5%	16%	6%	7%	-2%
Diluted EPS	$0.41	$0.42	-$0.08	$0.17	$1.09	$0.42	-$0.12	$0.16	$0.88	$0.34	$0.20	-$0.06
Operating cash flow	246	949	35.5	-253	156	862	24.8	-300	72.0	797	-22.9	-179
Capital expenditure	23.8	25.0	14.7	17.3	76.6	26.6	20.8	23.2	30.9	35.7	44.9	42.3
Free cash flow	222	924	20.8	-270	79.3	836	4.0	-323	41.1	761	-67.8	-222
Buybacks	60.0	93.2	100.0	100.0	68.3	132	160	50.0	202	188	200	100
Shares outstanding	353m	344m	344m	340m	337m	330m	323m	322m	311m	302m	291m	286m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 9 November 2023, accession 0001628280-23-038124: the filing on EDGAR. All of Mattel Inc.'s filings: EDGAR company page.

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