Good morning, ladies and gentlemen. Thank you for joining the JAKKS Pacific Fourth Quarter and Full Year 2013 Earnings Call with management. Today, JAKKS will review the results for the fourth quarter and full year ended December 31, 2013, which the company released earlier today. On the call today are Stephen Berman, President and Chief Executive Officer; and Joel Bennett, Executive Vice President and Chief Financial Officer. Mr. Berman will provide an overview of the quarter, then Mr. Bennett will provide detailed comments regarding JAKKS Pacific's financial and operational results. Mr. Berman will then conclude the prepared portion of the call with highlights of product lines and current business trends prior to the opening up the call for your questions. [Operator Instructions] . Before we begin, the company would like to point out that any comments made about JAKKS Pacific's future performance, events or circumstances, including the estimates of sales and earnings per share for 2014, as well as any forward-looking statements concerning 2014 and beyond are subject to Safe Harbor protection under federal security laws. These statements reflect the company's best judgment based on current market trends and conditions today and are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in forward-looking statements. For details concerning these and other such risks and uncertainties, you should consult JAKKS' most recent 10-K and 10-Q filings with the SEC, as well as the company's other reports subsequently filed with SEC from time to time. With that, I will turn the call over to Mr. Berman.

Good morning, everyone, and thank you for joining us today. We are pleased with our sales results for the fourth quarter of 2013, as we have exceeded our revised sales and earning guidance for the full year. Highlights of our fourth quarter sales includes Disney Princess Toddler and Baby Dolls and Dress-Up, including products from the blockbuster Disney animated feature film, Frozen, as well as Sofia the First Dress-Up and Role Play toys. Disney fairies fashion dolls and Dress-Up, Cabbage Patch Kids, Black & Decker boys Role Play, large-scale figures based on many top boys action entertainment brands, and our Pre-School Toys such as our foot-to-floor ride-ons, activity tables, amongst other products, were some of the stronger sellers throughout the holiday season. So down year-over-year due to financial struggles of some of our biggest distributors, JAKKS' international sales exceeded margin expectations of this year, driven by Smurfs, our large-scale figures and Disney Princess toddler and baby dolls, which were an international sales success story in 2013. We more than doubled our sales of Disney princess toddler dolls internationally year-over-year with the new markets we added to our license. More on this later in the call. For DreamPlay, we had a successful launch of our initial DreamPlay products and apps, using networks patented recognition technology, with the release of the Little Mermaid toys and apps and miWorld Toys and apps in the fourth quarter of 2013. Both toy lines experienced strong sell-through at retail, the launch of the apps and TV commercial and downloads of both apps continue to be strong and steady. We have a detailed launch plan for more new apps and products in 2014. We undertook a major restructuring and realignment of our business units during the second half of last year, which have resulted in lower operating expenses and increased productivity, the rightsizing of our business, elimination of SKUs that do not achieve specific margin requirements, elimination of underperforming SKUs, consolidation and reduction of staff, office space and other costs has allowed us to gain a strong financial saving going into 2014. In addition, we are starting the year on the right foot with low inventory levels at retail. We've recently completed our Hong Kong Toy Fair and Nuremberg Toy Fair meetings and are pleased with the response from retailers to our 2014 product lineups. We have a robust portfolio this year comprised of brand-new initiatives and innovation and the hottest licensed properties, along with our evergreen categories and brands and licenses. I would like to now turn over the call to Mr. Joel Bennett to review our financial results for the fourth quarter and full year of 2013, and then I will give a further update of our businesses this year and beyond. Joel?

Thank you, Stephen, and good morning, everyone. Net sales for the fourth quarter of 2013 were $137.7 million compared to $133.5 million reported in the comparable period in 2012. The reported net loss for the fourth quarter was $16 million or $0.73 per diluted share, which included a restructuring charge of $5 million or $0.23 per diluted share, and a credit of $6 million or $0.27 per diluted share, related to the reversal of a portion of the Maui earn-out. This compares to a net loss of $119.5 million or $5.45 per diluted share, reported in the comparable period in 2012, which included one-time noncash charges totaling $91.7 million or $4.18 per diluted share related to the impairment of deferred tax assets. Net sales for the full year of 2013 were $632.1 million compared to $666.7 million in 2012. The reported net loss for the full year was $53.9 million or $2.46 per diluted share, which included charges for licensed minimum guarantee shortfalls of $14.4 million and inventory impairment of $14.9 million and the restructuring charge and Maui earn-out reversal. This compares to a net loss for the full year of 2012 of $104.8 million or $4.37 per diluted share, which included $91.7 million or $3.83 per diluted share for the deferred tax asset impairment charge. Worldwide sales of products in our traditional toys and electronic segments, which includes Dolls, Action Figures, Vehicles, Electronics, Plush and Pet Products were $76.7 million for the fourth quarter of 2013 compared to $80.6 million for the fourth quarter of 2012. And sales for traditional toys were $320.6 million for the full year of 2013 versus $367.2 million for the full year of 2012. Sales this quarter in the segment were led by our Disney Princess dolls, Disney Fairies dolls, Cabbage Patch Kids and…

Thank you, Joel. As we enter into 2014, we could not be more pleased with the performance of our broad range of JAKKS Disney Frozen products from Toddler, Baby Dolls, Dress-Up and Role Play products, just to name a few. We are currently chasing the upside at retail to ship additional inventory in time for the March DVD release of this hit movie. We are working closely with Disney to create special programs that will secure additional promotional space for fall with innovative new items, including an ice castle vanity and a featured toddler doll, just to name a few. Given the extreme box office success and the aggressive retail efforts, we expect sales to continue to gain momentum well past the DVD release and into fall 2014 and beyond. On another exciting note, our Sofia the First Dress-Up and Role-Playing products continue to perform at retail last year and has well exceeded our original expectations. We had a strong promotional program through fall and we're included in many key accounts, hot toys list for the holidays. We have additionally secured rights in Latin America, Australia, China, Taiwan and Hong Kong for our Sophia large doll lines under our Tollytots division. This will begin shipping in spring 2014 and has the potential to significantly grow our doll business in North America and internationally in 2014 and beyond. For 2014, we're launching an innovative new look for our Disney princess toddler and baby dolls with new sculpts and royal reflection eyes, a patent pending, internally developed invention. Our new look dolls received great reception from retailers at our Hong Kong Toy Fair and Nuremberg Toy Fair this year. The Little Mermaid Diamond Edition Blu-ray DVD launched in October and a sell-through of our Light-Up Dress and Under The Sea Ariel feature…

[Operator Instructions] Our first question comes from Linda Bolton-Weiser from B. Riley & Co.

I was wondering if you could -- very good news about the credit facility. Do you have any information on the potential timing of the closing of that agreement? And then also, can you give even a rough kind of range for the potential interest rate regarding that? And then secondly, I guess, I've had some questions, and I was wondering if you could give clarification to help people understand the likelihood or probability if there would be any more write-off in 2014 regarding any license guarantees. You had taken some in 2013 that were quite large. And if you could clarify, again, what those write-offs were for, which brands are licenses. And then does that sort of take care of that type of write-off regarding those brands, or is it possible there could be more write-offs in the future? Those are the key things.

Okay. As far as the timing, we would certainly expect in the coming weeks, but couldn't really speculate any further on that, to get to the commitment level. There was a lot of diligence on the part of GE Capital. So having said that, we're happy to have entered into it. Interest rates are in the LIBOR plus 300 bps range. But just watch for releases in the coming weeks on that. But now that the earnings release is done, we'll be moving full steam ahead to get the line complete as quickly as we can. As far as the license write-offs, it's a typical process each quarter to review the status of all of our licenses. We have an upwards of 1000 different licenses. What was unusual about second quarter, certainly, was the magnitude. Some of the biggest included Winx, which was a big initiative for us a couple of years ago. But it's not expected to be on that order of magnitude. But it's an ordinary course review. And each year does have some amount of shortfalls.

Great. And then, can I just ask on the DreamPlay line? I think you said a doubling of -- so would that be a doubling of the SKUs on DreamPlay from 4 to 8?

There was more than 4 SKUs that were launched in DreamPlay in 2013. It's doubling the offerings because within each of the segmentations, there could be 1 to 7 SKUs, so we're doubling the amount of SKUs and categories in which we are launching for 2014. We've had a very strong positive sell-through reaction from both retail and Disney with our Little Mermaid and our miWorld experience that we launched in fall. December, actually, we launched the app, 12/1, and the product got on shelf a little bit late. We've had extremely strong sell-through beyond our expectations. So we have been prepared for the last 6 months in development and showed our retail customers. So it's doubling the offerings in the categories, and some of it will allow itself in doubling of the SKUs.

Our next questions comes from Jeffrey Thomison from Hilliard Lyons.

On that note, I was hoping you could elaborate as to what gives you the confidence in the DreamPlay outlook for 2014 and how, in retrospect, do you view its debut in 2013? Did you learn anything that you think you may have done differently if you knew about it and how that could help you next year, or this current year?

Well, actually, first, it's a terrific question. The first part of 2013, or the launch of it in 2013 fall, we're really more focusing on seizing the technology, it's a brand-new technology and we see how kids are playing both with physical and digital. So we launched it with, obviously, a strong brand, which was Ariel and the DVD release with Disney, which helped enhance the product itself, the physical product, allowing a digital portion to be available. And going forward, we did learn a lot. We learned an exceptional amount throughout the year. The ages of the kids range that were utilizing the technology ranges from 2 to 14 years of age. We are focusing now on the freemium model, which we are -- it's a free app with an in-app purchase. We will start implementing the in-app purchases in some of our apps, and that's something that we have learned by partnering with the correct people. And another great launch that was done through the DreamPlay consumer products was, recently, it's called the Disney Magic Timer by Oral-B and Disney powered by DreamPlay, and you can go in the iTunes Store, Google Store, pull it up, and you'll see it's launched in America, and I believe, in 6 territories, utilizing this recognition technology to enhance the brushing experiences for children from 0 to 6. So it's an adoption period, and it's a long adoption. But using the -- as you see Disney working with us, the Procter & Gamble work with DreamPlay, consumer, it's a very strong build, and we couldn't be more pleased. One of the big things is it's an enhancement to the physical product, which we want to make sure everyone understands that people play with physical and they also are playing with digital. And combining both of them are kind of allowing the kid to make a choice when they feel so and it has proven, both with the Ariel Disney and with our own proprietary product, which is miWorld.

Okay, great. And then just switching gears on another topic, on the Hero Portal product line. Did you guys talk about the timeframe for that? Is that holiday next year or earlier?

That's holiday this year.

That's what I meant.

There are 3 strong licenses, extremely strong licenses that we are partnering with. And what it's allowing and what we did years back with the actual launch of TV games, to have a console an Xbox or PlayStation, so it's quite expensive for the norm and it's not a easy purchase. But what we're allowing is extremely strong licenses, with a very similar game play is what you would have with the Activision Skylanders and with Disney Infinity, but we're allowing it to have really fun game play at inexpensive price to hit a lot more consumers both in the U.S. and abroad.

Our next question comes from Ed Woo from Ascendiant Capital.

I had a question about the retail environment. What are you seeing out there? And do you think there's any -- going to be any changes for holiday 2014?

I would say, the retail environment, as I talked first, U.S. versus North America and Europe, is a unique environment, not just for toy, just in general, for appliances and so on. Many people -- our online business has grown dramatically through our major brick-and-mortar customers, so as Toys"R"Us or Target, Walmart, both the store level, we are seeing strong sales and we're seeing strong sales online. I think the biggest change is, they're selecting and buying less product from less vendors than in the past. So the vendor -- the vendors that were out here in the past 5 years, there's many less vendors, big larger vendors today, so they're buying more product from less vendors. And they're just being cautious on inventories.

Great. And then, I'm looking forward to growth in international, will you be making significant more investments, or have you already made those investments?

We are -- currently, in our numbers, we have investments for international, and we will continue to further invest. It's an area that we are experiencing, I would say, some very strong growth. We have acquired, or in the process of finishing off international licenses that allow us to further expand in many other territories outside of Western Europe and Eastern Europe. We've just finished off a major trip abroad. We have some great partnerships. So I'd say international is, for the first time, we have a abundance of products that are appropriate for the territories. So from our own IP, like Spy Net, Covert Ops, to licensed products like our 31inch figures for Frozen, we're having more products to enable us to grow internationally than ever before.

Our next question comes from Drew Crum from Stifel. Andrew E. Crum - Stifel, Nicolaus & Company, Incorporated, Research Division: Stephen, I want to make sure I'm interpreting your comments correctly on Disney Princess and Sofia the First. So are you saying that you do expect it to grow in 2014? And then related to that, I think in the past, you've said that new content is important for that business. Is there anything new that Disney is launching in 2014 that drives that business further?

So Frozen, actually, is a Princess, as they categorize it at Disney. And I don't think we've seen something since Toy Story or Cars that has become more of a perennial so quickly and has caught on from a franchise. And Frozen, just on the current product lines that we have offered, both in the U.S. and abroad, is growing expeditiously. So the Frozen has actually helped pushing alone gathered the other Disney Properties. So Sofia the First ratings are -- I don't have them available, but have been growing an extremely strong. So Sofia the First is a continual growth area for us, both in, the North America and in Europe. It's really just starting out for us in Europe. And Disney Princess, depending on which category of businesses that we're in, are always a very strong area of business. We do a large amount of business in our Role Play, in our toddler dolls. So we see, there's a variation of Sofia the First as brand new comes out of the gate very strong and is on the build. Frozen is truly an amazing anomaly. The song itself, the princesses, and people are watching the movie 2x, 3x when the DVD launches. We're doing pilot programs with Disney into different categories or retailers that normally don't take, call it, DVDs and so on, we're doing our products with Disney. So we're not just adding products to the existing shelf space. We're adding through pilot programs and getting new shelf space. So it's a really strong area of business that you always have areas that grow or areas that shrink, depending on the property. But we see it as an overall business of growth. I hope that answered your question, Drew. Andrew E. Crum - Stifel, Nicolaus & Company, Incorporated, Research Division: Got it, okay. And Joel, shifting gears to the direction expense, it was one of the lowest numbers we've seen in terms of dollars in the fourth quarter, it was down more than 40%, down 29% for the year. How are you thinking about direct selling expense in 2014, and confidence around that and your ability to grow top line if you're selling expense was down year-on-year?

Yes. It's -- part of the restructuring we're focusing on is about overhead and other product associated costs. So it's refining our plans, our marketing plans with each product line. And again, it was a very detailed undertakings, and we are confident at the level of expenditures that we've reduced the business to. And we expect it to be effective to drive growth. The forecast is up to $640 million in 2014 and we're expecting support, all of our lines to the level that we need to drive the business.

Our next questions comes from Gerrick Johnson from BMO Capital Markets.

I was just hoping you'd talk about the $6 million reversal with Maui, I think it was in a little bit more detail. Then I have a couple DreamPlay questions.

Certainly. On the accounting rules of that, you assess the likelihood of the earn-out at the time of the acquisition. So we actually booked the earn-out to goodwill at the time of the acquisition. And as they didn't achieve their earn-out, it actually gets reversed. So it's a other income item, when we determined that it hasn't been met.

Okay, on DreamPlay, you incurred a good deal of cost in 2013 to get that up and running. Do you anticipate further development cost in 2014? Or is that pretty much behind us?

No, we will actually incur additional cost in building DreamPlay. It's not a short-term build, it's a long-term build, but it's built into our current forecast. And so it's a long-term build over the years. It's not just something that we incur once like a product that you make a tool and you can amortize. It's from what we've gone through in the app world, and also, with the recognition technology. You're always looking at statistics, you're always looking at game play, game functionality, and you change the actual play patterns of the app during periods of time that you see people are more encouraged in certain areas of game play. So you enhance it in that area, so it's an ongoing process to where you see people are attracted to within any type of app.

Okay. And one last one on DreamPlay. Last year, I bought the Ariel's Musical Surprise set, but I noticed, nowhere in the box was DreamPlay mentioned, no branding or anything like that, nor did it mention on the box that there's any sort of app available that would bring these things to life. What happened there? Has that been changed and how are you branding the DreamPlay on your products?

On the products that actually were approved and where we've launched in the App Store, there are a couple of products that actually had certain levels in the game that we could not -- we're not able to get through the Apple approval process in time, so we didn't have the appropriate stickering that had to be on shelf due to the timetables of getting through the Apple Store. So as it was a late launch, those have been addressed, and they're just normal updates that occur in an app, as you see when used on your phone, it says, update your app. So those are completed now and being put in production for further orders. In addition, on the Ariel app itself, we had -- we'll have several updates throughout this year in 2014. But on the miWorld product and the miWorld displays, we had it prominently focused on the packaging and on the pilot programs to where I explained that, that was utilizing the specific technology, DreamPlay. So that was -- we had a little bit more time and that was launched 12/1 at retail and 12/1 in the App Store. So you did see it on those products appropriately.

Okay. So in 2014, anything that has DreamPlay capability, we should see some sort of branding on the packaging.

Yes. It will be -- also, you'll see DreamPlay, you'll see, probably, some areas that you'll be able to do ID try-me at retail. So there's a lot that will be launched throughout 2014. And I had actually referenced for you to go to the Procter & Gamble, the Disney Magic Timer by Oral-B powered by DreamPlay, so you could see the technology being used by, obviously, a Fortune 100 company, Procter & Gamble. And you'll be able to see further expansion in that area.

Our next question comes from Steph Wissink from Piper Jaffray.

Just a couple of questions for us. First, if you could talk about the international markets a bit more. I'm just curious if you can stratify Europe versus Asia, maybe some of South American markets where you have some exposures. Has there been any kind of a derivation between some of the key markets? And then secondly, just on the licenses, how should we think about that line item in the P&L? You had expanded as a percentage of sales in part because sales had compressed, but is there a normal rate of percentage of sales that we should think about in terms of the cost of utilizing those brands?

Okay, I'll start with the international portion and I'll have Joel talk about the license portion. So International is something that we've been growing for years. The only big issue that we've had is we needed content more so to drive the sales overseas. Each territory has a uniqueness to where some products work better than others in specific territories. For instance, Smurfs, which is in a Belgium property, which is called Schtroumpf, works throughout Europe versus in America, it doesn't work as well. The emerging markets or more than just emerging markets, Latin America, China, India, Hong Kong, Eastern Europe and so on. Those markets are actually growing expeditiously. As long as we have the appropriate product for those territories. When we enter into China, we have 2 of probably the best partners a company can have, working with one another. The timeframe with China is there's a very long testing process, approximately 4 months per each SKU, and we've got to make sure that we have the right SKUs for that territory. We've shipped, I think, our Disney toddler dolls, we're on our fourth reorder in that territory, and we've expanded now, not just with Disney, but with our own products itself. And the markets that we are entering have very strong growth appeal. Now we have a really abundance of product that allow us to enter these markets as a whole versus doing one-off SKUs. As for Western Europe, the U.K. still is extremely strong. France has been extremely strong, Germany has had some difficulties and we've had difficulties in the Italian market through one of our main distributors that have some financial problems that actually, not just distributed in Italy but abroad. Russia, it's a very big growth market. So we're -- while there's some areas that have been, I'd say, depressed or had some concerns, we've grown outside of those areas, as the same as you've seen from competitors in the U.S. as the U.S. market has slightly slowed. So what we have done is we've expanded our distribution in the U.S. to where you see us selling at Journeys, you see us selling at Sketchers, a lot of the drug trade, the sports outlets. So our distribution is expanding in the U.S., plus our distribution at our normal retail. We had a tough year last year. It's actually generating a better shelf presence in the right areas because we have the right product as Frozen, as Sophia, as Disney Princess, the 31-inch figures, our Halloween business. So we've kind of settled, and now we know where the growth aspects are in our business, and that's where we're focusing on. As far as the licensing, we have an upwards, like I said, of a 1,000 licenses from concepts to character licenses, royalty rates range from 1% to 16%. But in general, across -- if you consider the amount of licensed properties that we have, a normal rate of net sales would be about 11%.

And so you expect to be at that normalized rate in 2014, or is that something that you're looking to achieve over time?

No, that's actually something that we're expecting in 2014. It ran a little bit higher in '12 and '13, in part, because of the underperforming licenses. But we're through a lot of that at this point. In fact, some of the write-offs were for licenses that expire over the next couple of years, so we'll have less headwinds in that area. So the 11% is a realistic number for us.

And if I could, guys, just one follow-up. With respect to how you think now about the SG&A structure, what do you feel like the right level of just total expense loads to operate the businesses? We're expecting that it sounds like you're doing some things in marketing that might allow you to leverage that line a bit more aggressively. But what is the appropriate expense structure that you think is realistic for this level of revenue?

In the mid-20s, $25 million to $27 million is going to vary by quarter dramatically because most of our sales occur in the third quarter. And that's followed by most of the advertising that occurs in the fourth quarter. But the seasonality should track similar to prior years, but just at a lower overall level.

Our next question comes from Sean McGowan from Needham. Sean P. McGowan - Needham & Company, LLC, Research Division: I have a bunch of questions that are clarifications or maybe technical, Joel. But just circling back on the this question earlier on the credit line. What's the length of that expected to be, the length of time that you'll have that line?

It's anticipated to be a 3-year term. Sean P. McGowan - Needham & Company, LLC, Research Division: Three year, okay. And considering the guidance now has back into profit range, can you help us out on what should be the diluted share counts, given everything going on with the convert, and assuming that you don't buy back more than anything between now and November when that has to be paid off, help us how the quarterly share count will go on a diluted basis?

Sure. It's about $22 million in the first, second and fourth quarter, and about $36 million in the third quarter. Sean P. McGowan - Needham & Company, LLC, Research Division: Okay. And if you make your target for the year, will that be the level for the year?

It should be the $22 million. Basically, in last quarters, it's the lower amount. We don't show the converts as converted. And the 2014s are due in early November. So that will be out there for most of the year. Sean P. McGowan - Needham & Company, LLC, Research Division: But with your target for the year, would that trigger a diluted share count or...

It's sort of right on the cusp. Sean P. McGowan - Needham & Company, LLC, Research Division: So either way.

So it would be the lower amount. What -- we have to actually do the calculation both ways because either in a loss period or in a lower income period, the converts are anti-dilutive. So we were looking to lower share count. But right now, we're expecting first, second and fourth, with the lower end for the full year, the lower amount. Sean P. McGowan - Needham & Company, LLC, Research Division: Switching back over to DreamPlay, a couple of questions there. One issue, I think, last year was that if you were in the store and you wanted to download the Ariel app, it was too big to download if you didn't have Wi-Fi. Have you given any thought of making those apps smaller in size, maybe with some streaming to offset that?

What you'll see this year is it'll be, where, I'll call it -- the title is called ID to try me because you really, within a story, you really can only download about 10 megabytes to get it quickly downloaded. There's no way to download the depth of the actual app, unless you're not at an area that actually is being pulled from many directions. So the -- about the time, and you could see it when you pull up the PNG DreamPlay Disney app in-store versus home. You always have that disconnection. You won't be able to do a -- there will be an in-store try me, but you'll never be able to download the complete app unless you take the product home, and open it up and download it at home. That's just because the amount of megabytes for the games, and how rich and in depth the environments are. Sean P. McGowan - Needham & Company, LLC, Research Division: A lot of other companies handle that by having a small client and then they do a lot of streaming and that's another solution. Question all about the accounting, in the app world, very, very common to have deferred revenue if you have an ongoing service that you're providing, is that something that you're facing yet?

Not at this point. When we get into more of the freemium model, there could be some implications. But right now, they are launched in tandem with the product. And we haven't had in-app purchases as yet. Sean P. McGowan - Needham & Company, LLC, Research Division: Okay. Back to Stephanie's question for a second. That SG&A target, when you said mid 20s, were you talking as a percentage of sales?

Yes. Percentage of sales. Sean P. McGowan - Needham & Company, LLC, Research Division: And then, the last question is really about the guidance. It sounds like you've got a lot of momentum in Frozen and Sophia, and maybe some of these 31-inch figure things, you didn't really have that much last year that was humongous that you're going to have to be cycling again. So why would you not have more confidence in showing greater growth, especially in the first quarter when you have Frozen and Sophia that are incremental that have so much retail momentum?

With Sophia, we launched last year as well. But I'd say, the cautiousness that we're taking is due to the weather that we've seen. Right now, we're taking an approach that we believe we will achieve the numbers that we set forth. And while Frozen, and not just those, but many other items are doing well. Chinese New Year just got completed and everyone is just ramping up for production. We also have Easter that is in May -- April, late April this year, I think the 21st, versus having Easter earlier in 2013. I think it was late March. So it's just those combinations more than anything else. Sean P. McGowan - Needham & Company, LLC, Research Division: Okay. I just remembered, one other one for Joel, on the reversal of the earn-out, had that earn-out accrual ever gone through the P&L, the portion that's now being reversed, has that gone through the P&L before?

No, no. Basically, we accrued -- we put up a liability and recorded goodwill, so it's just an accounting convention. So the goodwill... Sean P. McGowan - Needham & Company, LLC, Research Division: Like impairment -- it's effectively an impairment of that portion of the goodwill?

No, not impairment. And because the cash flow is underlying, the business are still supporting the levels of goodwill. It's just that it reverses through the P&L. It's kind of an odd thing. But it's the accounting convention. Sean P. McGowan - Needham & Company, LLC, Research Division: So your earn-out was added to goodwill, and that's the part that's being reversed with the rest of the goodwill?

That stays. The part that's being reversed is the liability. So the goodwill is still on the books. It's just that the liability don't stay, and that creates the income.

Well, I'd like to thank everyone for the call. We appreciate the time and we're looking forward to getting through the first quarter and having our next conference call, which will be the start of, we believe, a strong year for JAKKS in 2014 and beyond. Thank you, all.

Thank you. And thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.