Chris Cocks

And I think it's beyond just Wizards.

Our licensing business is up.

Our toy business returned to growth, growing 7% in the quarter.

And then, of course, Wizards had just a remarkable quarter and a remarkable year.

sequentially just growing more and more as we went through the year and we're seeing that momentum continue into this year.

I think the year was really punctuated as you kind of said in the lead-up by Magic the Gathering.

You know that business is over 1.7 billion dollars now.

It grew nearly 60 percent last year and that's on top of a kegger over the last 10 years of 16 percent per year.

So I think it's a testament to a great team.

I think it's a testament to a great game and a fantastic fandom.

Well, I think for us, what we saw was sequential improvement as we went through the holiday.

We had a great Black Friday and Cyber Monday.

There was a little bit of a dip in like the first and second week in December, but then the end of the month ended with a real bang.

You know, for Hasbro, our toy division grew share, I think 18 of the last 20 weeks of the year.

And I think that was on the strength of really good entertainment, really quality toys.

We had a great year for Beyblade, Transformers, Marvel, our Peppa Pig business returned to growth in the back half, and then our board game business did pretty well.

What I think maybe you're seeing across divergent results across different toy companies is really, you know, it's tough to say there's one toy market.

I think it's a tale of two cities.

i think the companies that are focused on gamified entertainment driven multi-purchase multi-generational play something we call gem square or a lot of people use shorthand for kidults they're really thriving their multiples are strong 20 plus their growth rates are in the mid single digits to high single digits and they're you know growing with the growing marketplace

I think toy companies that are focused more on traditional toys, toys aimed at kids, kind of one-offs, not truly systematized, you know, that's a hit-driven business without a very strong moat.