Mattel, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Mattel Inc. Fourth Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. It is now my pleasure to introduce Vice President of Investor Relations, Dave Spojanvich.

Thank you, Operator, and good afternoon, everyone.

Joining me today are Inan Kryze, Mattel's Chairman and Chief Executive Officer, Richard Dixon, Mattel's President and Chief Operating Officer, and Anthony DiSilvestro, Mattel's Chief Financial Officer. As you know, this afternoon we reported Mattel's 2020 full year and fourth quarter financial results. We will begin today's call with Enon and Anthony providing commentary on our results, after which we will provide some time for Enon, Richard, and Anthony to take your questions. To help supplement our discussion today, we have provided you with a slide presentation. Our discussion, slide presentation, and earnings release reference non-GAAP financial measures including adjusted gross profit and adjusted gross margin, adjusted other selling and administrative expenses, adjusted operating income and loss and adjusted operating margin, adjusted earnings and loss per share, earnings before interest, taxes, depreciation, and amortization, or EBITDA, adjusted EBITDA, free cash flow, leverage ratio, and constant currency. Please note, going forward, references to revenues, sales, top line, and other similar terms will be only in net sales terms. We have also introduced a gross billings metric, which is directly comparable to the term gross sales that we used in prior quarters. This change has been made to clearly distinguish our revenue purported for GAAP purposes and the gross billings metric. 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 such sales adjustments in its financial accounting systems at the time of sale, Such sales adjustments are generally not associated with categories, brands, or individual products. Please also note that we refer to gross billings as billings in our presentation and that gross billings figures referenced on this call will be stated in constant currency unless stated otherwise. In addition, please note that our accompanying slide presentation can be viewed in sync with today's call when you access it through the investor section of our corporate website corporate.mattel.com. The information required by Regulation G regarding non-GAAP financial measures is included in our earnings release and slide presentation, and both documents are also available in the investor section of our corporate website. Before we begin, I'd like to remind you that certain statements made during the call may include forward-looking statements related to the future performance of our business, brands, categories, and product lines. These statements are based on currently available information and assumptions, and they are subject to a number of significant risks and uncertainties that could cause our actual results to differ from those projected in the forward-looking statements, including risks and uncertainties associated with the COVID-19 pandemic. We describe some of these uncertainties in the risk factor section of our 2019 annual report on Form 10-K, our Q3 2020 quarterly report on Form 10Q, our earnings release and the presentation accompanying this call, and other filings we make with the SEC from time to time, as well as in other public statements. Mattel does not update forward-looking statements and expressly disclaims any obligation to do so, except as required by law. Now, I'd like to turn the call over to Enon.