JAKKS Pacific Reports Second Quarter 2023 Financial Results
Long-term debt retired; Second-Highest First Half
Second Quarter 2023 Overview
-
Net sales were
$166.9 million , a year-over-year decrease of 24.3%-
Toys/Consumer Products
Net Sales were$117.9 million , a year-over-year decrease of 20.8% -
Costumes
Net Sales were$49.0 million , a year-over-year decrease of 31.5% -
First-half
Net Sales forJAKKS Pacific, Inc. were$274.4 million , a year-over-year decrease of 19.6%
-
Toys/Consumer Products
-
Gross profit was
$51.2 million , a year-over-year decrease of 15.9% from$60.9 million - Gross margin was 30.7%, up 310 basis points vs. Q2 2022
-
Retired debt of
$30.2 million four years prior to maturity, eliminating 11%+ interest burden-
Total debt was
$84.9 million as ofJune 30, 2022 , and$177.7 million as ofSeptember 30, 2019 , post company recapitalization
-
Total debt was
-
Operating income was
$16.4 million (9.9% of net sales) vs.$23 .7 million (10.7% of net sales) in Q2 2022 -
Net income attributable to common stockholders was
$6.1 million or$0.58 per diluted share, compared to net income attributable to common stockholders of$26.2 million or$2.61 per share in Q2 2022 -
Adjusted net income attributable to common stockholders (a non-GAAP measure) was
$13.3 million or$1.26 per diluted share, compared to an adjusted net income attributable to common stockholders of$21.1 million or$2.10 per diluted share in Q2 2022 -
Adjusted EBITDA (a non-GAAP measure) was
$20.7 million , vs.$27.1 million in Q2 2022 -
Trailing twelve month adjusted EBITDA was
$66.9 million (9.2% of net sales) down 12% from$75.7 million (9.9% of net sales) in the trailing twelve months endedJune 2022
Management Commentary
“I’m pleased to say that the first half of the year has met, and in many cases, exceeded our expectations,” said
“We similarly are taking a very thoughtful approach to our own inventory given the continuing uncertainty around consumer behavior. Our Q2 ending inventory balance of
“Our Action Play & Collectibles business led all segments with 41% growth year-over-year in the quarter. We have steadily rebuilt this business over the past three years extending and expanding our long-standing relationships in the gaming space and partnering with companies like Nintendo® and SEGA to extend their franchises to create compelling products for their theatrical and streaming releases. Through the first half of the year, our Action Play division has grown to be 84% of our market-leading Doll and Role Play division, balancing our portfolio substantially.
“Our Costume business shipped
“And as we’ve previously disclosed, during the quarter we took the opportunity to eliminate our existing high-cost debt to further increase the agility of our capital structure.”
Second Quarter 2023 Results
Net sales for the second quarter of 2023 were
For the first half,
Balance Sheet Highlights
The Company’s cash and cash equivalents (including restricted cash) totaled
Total debt was zero, compared to
Use of Non-GAAP Financial Information
In addition to the preliminary results reported in accordance with
Conference Call Live Webcast
About
Forward Looking Statements
This press release may contain “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations, estimates and projections about
Condensed Consolidated Balance Sheets (Unaudited) | ||||||||||||||||
|
2023 |
|
|
2022 |
|
|
2022 |
|
||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents |
$ |
32,228 |
|
$ |
62,283 |
|
$ |
85,297 |
|
|||||||
Restricted cash |
|
203 |
|
|
- |
|
|
193 |
|
|||||||
Accounts receivable, net |
|
132,479 |
|
|
164,020 |
|
|
102,771 |
|
|||||||
Inventory |
|
65,059 |
|
|
123,666 |
|
|
80,619 |
|
|||||||
Prepaid expenses and other assets |
|
11,227 |
|
|
14,519 |
|
|
6,331 |
|
|||||||
Total current assets |
|
241,196 |
|
|
364,488 |
|
|
275,211 |
|
|||||||
Property and equipment |
|
134,091 |
|
|
128,844 |
|
|
130,437 |
|
|||||||
Less accumulated depreciation and amortization |
|
116,813 |
|
|
112,601 |
|
|
115,575 |
|
|||||||
Property and equipment, net |
|
17,278 |
|
|
16,243 |
|
|
14,862 |
|
|||||||
Operating lease right-of-use assets, net |
|
15,249 |
|
|
24,584 |
|
|
19,913 |
|
|||||||
Deferred income tax assets, net |
|
57,804 |
|
|
- |
|
|
57,804 |
|
|||||||
|
35,083 |
|
|
35,083 |
|
|
35,083 |
|
||||||||
Intangibles and other assets, net |
|
2,331 |
|
|
3,239 |
|
|
2,469 |
|
|||||||
Total assets |
$ |
368,941 |
|
$ |
443,637 |
|
$ |
405,342 |
|
|||||||
Liabilities, Preferred Stock and Stockholders' Equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable |
$ |
57,768 |
|
$ |
86,660 |
|
$ |
33,687 |
|
|||||||
Accounts payable - Meisheng (related party) |
|
18,612 |
|
|
42,254 |
|
|
9,820 |
|
|||||||
Accrued expenses |
|
46,448 |
|
|
58,189 |
|
|
37,998 |
|
|||||||
Reserve for sales returns and allowances |
|
37,851 |
|
|
45,625 |
|
|
51,877 |
|
|||||||
Income taxes payable |
|
5,808 |
|
|
2,333 |
|
|
8,165 |
|
|||||||
Short term operating lease liabilities |
|
9,226 |
|
|
10,239 |
|
|
10,746 |
|
|||||||
Short term debt, net |
|
- |
|
|
2,475 |
|
|
25,529 |
|
|||||||
Total current liabilities |
|
175,713 |
|
|
247,775 |
|
|
177,822 |
|
|||||||
Long term operating lease liabilities |
|
6,220 |
|
|
15,406 |
|
|
9,863 |
|
|||||||
Debt, non-current portion, net |
|
- |
|
|
82,453 |
|
|
41,622 |
|
|||||||
Preferred stock derivative liability |
|
27,793 |
|
|
15,898 |
|
|
21,918 |
|
|||||||
Income taxes payable |
|
2,971 |
|
|
215 |
|
|
2,929 |
|
|||||||
Deferred income tax liabilities, net |
|
- |
|
|
51 |
|
|
- |
|
|||||||
Total liabilities |
|
212,697 |
|
|
361,798 |
|
|
254,154 |
|
|||||||
Preferred stock accrued dividends |
|
5,230 |
|
|
3,771 |
|
|
4,490 |
|
|||||||
Stockholders' equity: | ||||||||||||||||
Common stock, |
|
10 |
|
|
10 |
|
|
10 |
|
|||||||
Additional paid-in capital |
|
277,178 |
|
|
273,625 |
|
|
275,187 |
|
|||||||
Accumulated deficit |
|
(110,876 |
) |
|
(180,680 |
) |
|
(112,018 |
) |
|||||||
Accumulated other comprehensive loss |
|
(16,021 |
) |
|
(15,765 |
) |
|
(17,482 |
) |
|||||||
|
150,291 |
|
|
77,190 |
|
|
145,697 |
|
||||||||
Non-controlling interests |
|
723 |
|
|
878 |
|
|
1,001 |
|
|||||||
Total stockholders' equity |
|
151,014 |
|
|
78,068 |
|
|
146,698 |
|
|||||||
Total liabilities, preferred stock and stockholders' equity |
$ |
368,941 |
|
$ |
443,637 |
|
$ |
405,342 |
|
|||||||
Supplemental Balance Sheet and Cash Flow Data (Unaudited) | ||||||||||||||||
Key Balance Sheet Data: |
|
2023 |
|
|
2022 |
|
||||||||||
Accounts receivable days sales outstanding (DSO) |
|
72 |
|
|
68 |
|
||||||||||
Inventory turnover (DSI) |
|
51 |
|
|
71 |
|
||||||||||
Six Months Ended |
||||||||||||||||
Condensed Cash Flow Data: |
|
2023 |
|
|
2022 |
|
||||||||||
(In thousands) | ||||||||||||||||
Cash flows provided by operating activities |
$ |
20,805 |
|
$ |
36,549 |
|
||||||||||
Cash flows used in investing activities |
|
(4,893 |
) |
|
(5,274 |
) |
||||||||||
Cash flows used in financing activities and other |
|
(68,971 |
) |
|
(14,324 |
) |
||||||||||
Increase (Decrease) in cash, cash equivalents and restricted cash |
$ |
(53,059 |
) |
$ |
16,951 |
|
||||||||||
Capital expenditures |
$ |
(4,918 |
) |
$ |
(5,276 |
) |
||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||
|
2023 |
|
|
2022 |
|
Δ (%) |
|
2023 |
|
|
2022 |
|
Δ (%) | ||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | ||||||||||||||||||||||
Net sales |
$ |
166,933 |
|
$ |
220,422 |
|
(24 |
)% |
$ |
274,417 |
|
$ |
341,303 |
|
(20 |
)% |
|||||||
Less: Cost of sales | |||||||||||||||||||||||
Cost of goods |
|
86,156 |
|
|
121,850 |
|
(29 |
) |
|
144,460 |
|
|
193,908 |
|
(26 |
) |
|||||||
Royalty expense |
|
27,279 |
|
|
35,704 |
|
(24 |
) |
|
43,933 |
|
|
53,394 |
|
(18 |
) |
|||||||
Amortization of tools and molds |
|
2,300 |
|
|
1,978 |
|
16 |
|
|
3,389 |
|
|
3,194 |
|
6 |
|
|||||||
Cost of sales |
|
115,735 |
|
|
159,532 |
|
(27 |
) |
|
191,782 |
|
|
250,496 |
|
(23 |
) |
|||||||
Gross profit |
|
51,198 |
|
|
60,890 |
|
(16 |
) |
|
82,635 |
|
|
90,807 |
|
(9 |
) |
|||||||
Direct selling expenses |
|
3,980 |
|
|
6,838 |
|
(42 |
) |
|
11,721 |
|
|
11,740 |
|
(0 |
) |
|||||||
General and administrative expenses |
|
30,677 |
|
|
29,514 |
|
4 |
|
|
58,671 |
|
|
54,667 |
|
7 |
|
|||||||
Depreciation and amortization |
|
93 |
|
|
578 |
|
(84 |
) |
|
195 |
|
|
1,174 |
|
(83 |
) |
|||||||
Selling, general and administrative expenses |
|
34,750 |
|
|
36,930 |
|
(6 |
) |
|
70,587 |
|
|
67,581 |
|
4 |
|
|||||||
Intangibles impairment |
|
- |
|
|
300 |
|
nm |
|
- |
|
|
300 |
|
nm |
|||||||||
Income from operations |
|
16,448 |
|
|
23,660 |
|
(30 |
) |
|
12,048 |
|
|
22,926 |
|
(47 |
) |
|||||||
Other income (expense): | |||||||||||||||||||||||
Loss from joint ventures |
|
(565 |
) |
|
- |
|
nm |
|
(565 |
) |
|
- |
|
nm |
|||||||||
Other income (expense), net |
|
38 |
|
|
183 |
|
(79 |
) |
|
476 |
|
|
269 |
|
77 |
|
|||||||
Change in fair value of preferred stock derivative liability |
|
(6,022 |
) |
|
6,029 |
|
nm |
|
(5,875 |
) |
|
5,384 |
|
nm |
|||||||||
Loss on debt extinguishment |
|
(1,023 |
) |
|
- |
|
nm |
|
(1,023 |
) |
|
- |
|
nm |
|||||||||
Interest income |
|
86 |
|
|
6 |
|
nm |
|
203 |
|
|
9 |
|
nm |
|||||||||
Interest expense |
|
(1,302 |
) |
|
(2,337 |
) |
(44 |
) |
|
(4,305 |
) |
|
(4,539 |
) |
(5 |
) |
|||||||
Income before provision for income taxes |
|
7,660 |
|
|
27,541 |
|
(72 |
) |
|
959 |
|
|
24,049 |
|
(96 |
) |
|||||||
Provision for income taxes |
|
1,478 |
|
|
1,334 |
|
11 |
|
|
95 |
|
|
1,751 |
|
(95 |
) |
|||||||
Net income |
|
6,182 |
|
|
26,207 |
|
(76 |
) |
|
864 |
|
|
22,298 |
|
(96 |
) |
|||||||
Net loss attributable to non-controlling interests |
|
(273 |
) |
|
(353 |
) |
(23 |
) |
|
(278 |
) |
|
(453 |
) |
(39 |
) |
|||||||
Net income attributable to |
$ |
6,455 |
|
$ |
26,560 |
|
(76 |
)% |
$ |
1,142 |
|
$ |
22,751 |
|
(95 |
)% |
|||||||
Net income attributable to common stockholders |
$ |
6,082 |
|
$ |
26,209 |
|
(77 |
)% |
$ |
402 |
|
$ |
22,054 |
|
(98 |
)% |
|||||||
Earnings per share - basic |
$ |
0.62 |
|
$ |
2.73 |
|
$ |
0.04 |
|
$ |
2.30 |
|
|||||||||||
Shares used in earnings per share - basic |
|
9,871 |
|
|
9,588 |
|
|
9,871 |
|
|
9,588 |
|
|||||||||||
Earnings per share - diluted |
$ |
0.58 |
|
$ |
2.61 |
|
$ |
0.04 |
|
$ |
2.21 |
|
|||||||||||
Shares used in earnings per share - diluted |
|
10,532 |
|
|
10,037 |
|
|
10,428 |
|
|
9,978 |
|
|||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||
|
2023 |
|
|
2022 |
|
Δ bps |
|
2023 |
|
|
2022 |
|
Δ bps | ||||||||||
Fav/(Unfav) | Fav/(Unfav) | ||||||||||||||||||||||
Net sales |
|
100.0 |
% |
|
100.0 |
% |
- |
|
|
100.0 |
% |
|
100.0 |
% |
- |
|
|||||||
Less: Cost of sales | |||||||||||||||||||||||
Cost of goods |
|
51.6 |
|
|
55.3 |
|
370 |
|
|
52.6 |
|
|
56.8 |
|
420 |
|
|||||||
Royalty expense |
|
16.3 |
|
|
16.2 |
|
(10 |
) |
|
16.0 |
|
|
15.6 |
|
(40 |
) |
|||||||
Amortization of tools and molds |
|
1.4 |
|
|
0.9 |
|
(50 |
) |
|
1.3 |
|
|
1.0 |
|
(30 |
) |
|||||||
Cost of sales |
|
69.3 |
|
|
72.4 |
|
310 |
|
|
69.9 |
|
|
73.4 |
|
350 |
|
|||||||
Gross profit |
|
30.7 |
|
|
27.6 |
|
310 |
|
|
30.1 |
|
|
26.6 |
|
350 |
|
|||||||
Direct selling expenses |
|
2.4 |
|
|
3.1 |
|
70 |
|
|
4.3 |
|
|
3.4 |
|
(90 |
) |
|||||||
General and administrative expenses |
|
18.3 |
|
|
13.4 |
|
(490 |
) |
|
21.3 |
|
|
16.1 |
|
(520 |
) |
|||||||
Depreciation and amortization |
|
0.1 |
|
|
0.3 |
|
20 |
|
|
0.1 |
|
|
0.3 |
|
20 |
|
|||||||
Selling, general and administrative expenses |
|
20.8 |
|
|
16.8 |
|
(400 |
) |
|
25.7 |
|
|
19.8 |
|
(590 |
) |
|||||||
Intangibles impairment |
|
- |
|
|
0.1 |
|
10 |
|
|
- |
|
|
0.1 |
|
10 |
|
|||||||
Income from operations |
|
9.9 |
|
|
10.7 |
|
(80 |
) |
|
4.4 |
|
|
6.7 |
|
(230 |
) |
|||||||
Other income (expense): | |||||||||||||||||||||||
Loss from joint ventures |
|
(0.3 |
) |
|
- |
|
|
(0.2 |
) |
|
- |
|
|||||||||||
Other income (expense), net |
|
- |
|
|
0.1 |
|
|
0.2 |
|
|
- |
|
|||||||||||
Change in fair value of preferred stock derivative liability |
|
(3.6 |
) |
|
2.7 |
|
|
(2.1 |
) |
|
1.6 |
|
|||||||||||
Loss on debt extinguishment |
|
(0.6 |
) |
|
- |
|
|
(0.4 |
) |
|
- |
|
|||||||||||
Interest income |
|
- |
|
|
- |
|
|
0.1 |
|
|
- |
|
|||||||||||
Interest expense |
|
(0.8 |
) |
|
(1.1 |
) |
|
(1.6 |
) |
|
(1.3 |
) |
|||||||||||
Income before provision for income taxes |
|
4.6 |
|
|
12.4 |
|
|
0.4 |
|
|
7.0 |
|
|||||||||||
Provision for income taxes |
|
0.9 |
|
|
0.6 |
|
|
- |
|
|
0.4 |
|
|||||||||||
Net income |
|
3.7 |
|
|
11.8 |
|
|
0.4 |
|
|
6.6 |
|
|||||||||||
Net loss attributable to non-controlling interests |
|
(0.2 |
) |
|
(0.2 |
) |
|
(0.1 |
) |
|
(0.1 |
) |
|||||||||||
Net income attributable to |
|
3.9 |
% |
|
12.0 |
% |
|
0.5 |
% |
|
6.7 |
% |
|||||||||||
Net income attributable to common stockholders |
|
3.6 |
% |
|
11.9 |
% |
|
0.1 |
% |
|
6.5 |
% |
|||||||||||
Reconciliation of Non-GAAP Financial Information (Unaudited)
Reconciliation of GAAP to Non-GAAP measures:
This press release and accompanying schedules provide certain information regarding Adjusted EBITDA and Adjusted Net Income (Loss), which may be considered non-GAAP financial measures under the rules of the
Investors should not consider these measures in isolation or as a substitute for net income, operating income, or any other measure for determining the Company’s operating performance that is calculated in accordance with GAAP. In addition, because these measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies.
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||||
|
2023 |
|
|
2022 |
|
Δ ($) |
|
2023 |
|
|
2022 |
|
Δ ($) | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||
EBITDA and Adjusted EBITDA | |||||||||||||||||||||||||||
Net income |
$ |
6,182 |
|
$ |
26,207 |
|
$ |
(20,025 |
) |
$ |
864 |
|
$ |
22,298 |
|
$ |
(21,434 |
) |
|||||||||
Interest expense |
|
1,302 |
|
|
2,337 |
|
|
(1,035 |
) |
|
4,305 |
|
|
4,539 |
|
|
(234 |
) |
|||||||||
Interest income |
|
(86 |
) |
|
(6 |
) |
|
(80 |
) |
|
(203 |
) |
|
(9 |
) |
|
(194 |
) |
|||||||||
Provision for income taxes |
|
1,478 |
|
|
1,334 |
|
|
144 |
|
|
95 |
|
|
1,751 |
|
|
(1,656 |
) |
|||||||||
Depreciation and amortization |
|
2,393 |
|
|
2,556 |
|
|
(163 |
) |
|
3,584 |
|
|
4,368 |
|
|
(784 |
) |
|||||||||
EBITDA |
|
11,269 |
|
|
32,428 |
|
|
(21,159 |
) |
|
8,645 |
|
|
32,947 |
|
|
(24,302 |
) |
|||||||||
Adjustments: | |||||||||||||||||||||||||||
Loss from joint ventures ( |
|
292 |
|
|
- |
|
|
292 |
|
|
287 |
|
|
- |
|
|
287 |
|
|||||||||
Loss from joint ventures (Meisheng - 49%) |
|
273 |
|
|
- |
|
|
273 |
|
|
278 |
|
|
- |
|
|
278 |
|
|||||||||
Other (income) expense, net |
|
(38 |
) |
|
(183 |
) |
|
145 |
|
|
(476 |
) |
|
(269 |
) |
|
(207 |
) |
|||||||||
Restricted stock compensation expense |
|
1,856 |
|
|
1,155 |
|
|
701 |
|
|
3,945 |
|
|
2,025 |
|
|
1,920 |
|
|||||||||
Change in fair value of preferred stock derivative liability |
|
6,022 |
|
|
(6,029 |
) |
|
12,051 |
|
|
5,875 |
|
|
(5,384 |
) |
|
11,259 |
|
|||||||||
Employee Retention Credit/gov't employment support |
|
- |
|
|
(249 |
) |
|
249 |
|
|
- |
|
|
(249 |
) |
|
249 |
|
|||||||||
Loss on debt extinguishment |
|
1,023 |
|
|
- |
|
|
1,023 |
|
|
1,023 |
|
|
- |
|
|
1,023 |
|
|||||||||
Adjusted EBITDA |
$ |
20,697 |
|
$ |
27,122 |
|
$ |
(6,425 |
) |
$ |
19,577 |
|
$ |
29,070 |
|
$ |
(9,493 |
) |
|||||||||
Adjusted EBITDA/Net sales % |
|
12.4 |
% |
|
12.3 |
% |
|
10 bps |
|
|
7.1 |
% |
|
8.5 |
% |
|
-140 bps |
|
|||||||||
Trailing Twelve Months Ended |
|||||||||||||||||||||||||||
|
2023 |
|
|
2022 |
|
Δ ($) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
TTM EBITDA and TTM Adjusted EBITDA | |||||||||||||||||||||||||||
TTM Net income |
$ |
69,649 |
|
$ |
55,521 |
|
$ |
14,128 |
|
||||||||||||||||||
Interest expense |
|
10,949 |
|
|
9,398 |
|
|
1,551 |
|
||||||||||||||||||
Interest income |
|
(321 |
) |
|
(16 |
) |
|
(305 |
) |
||||||||||||||||||
Provision for (benefit from) income taxes |
|
(42,664 |
) |
|
1,989 |
|
|
(44,653 |
) |
||||||||||||||||||
Depreciation and amortization |
|
9,794 |
|
|
10,047 |
|
|
(253 |
) |
||||||||||||||||||
TTM EBITDA |
|
47,407 |
|
|
76,939 |
|
|
(29,532 |
) |
||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||
Loss from joint ventures ( |
|
287 |
|
|
- |
|
|
287 |
|
||||||||||||||||||
Loss from joint ventures (Meisheng - 49%) |
|
278 |
|
|
- |
|
|
278 |
|
||||||||||||||||||
Other (income) expense, net |
|
(1,004 |
) |
|
(588 |
) |
|
(416 |
) |
||||||||||||||||||
Restricted stock compensation expense |
|
7,002 |
|
|
3,353 |
|
|
3,649 |
|
||||||||||||||||||
Change in fair value of convertible senior notes |
|
- |
|
|
3,575 |
|
|
(3,575 |
) |
||||||||||||||||||
Change in fair value of preferred stock derivative liability |
|
11,895 |
|
|
(1,078 |
) |
|
12,973 |
|
||||||||||||||||||
Employee Retention Credit/gov't employment support |
|
- |
|
|
(249 |
) |
|
249 |
|
||||||||||||||||||
Gain on loan forgiveness |
|
- |
|
|
(6,206 |
) |
|
6,206 |
|
||||||||||||||||||
Loss on debt extinguishment |
|
1,023 |
|
|
- |
|
|
1,023 |
|
||||||||||||||||||
TTM Adjusted EBITDA |
$ |
66,888 |
|
$ |
75,746 |
|
$ |
(8,858 |
) |
(12 |
)% |
||||||||||||||||
TTM Adjusted EBITDA/TTM Net sales % |
|
9.2 |
% |
|
9.9 |
% |
-70 bps |
|
|||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||||
|
2023 |
|
|
2022 |
|
Δ ($) |
|
2023 |
|
|
2022 |
|
Δ ($) | ||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | ||||||||||||||||||||||||||
Adjusted net income (loss) attributable to common stockholders | |||||||||||||||||||||||||||
Net income attributable to common stockholders |
$ |
6,082 |
|
$ |
26,209 |
|
$ |
(20,127 |
) |
$ |
402 |
|
$ |
22,054 |
|
$ |
(21,652 |
) |
|||||||||
Restricted stock compensation expense |
|
1,856 |
|
|
1,155 |
|
|
701 |
|
|
3,945 |
|
|
2,025 |
|
|
1,920 |
|
|||||||||
Change in fair value of preferred stock derivative liability |
|
6,022 |
|
|
(6,029 |
) |
|
12,051 |
|
|
5,875 |
|
|
(5,384 |
) |
|
11,259 |
|
|||||||||
Loss on debt extinguishment |
|
1,023 |
|
|
- |
|
|
1,023 |
|
|
1,023 |
|
|
- |
|
|
1,023 |
|
|||||||||
Employee Retention Credit/gov't employment support |
|
- |
|
|
(249 |
) |
|
249 |
|
|
- |
|
|
(249 |
) |
|
249 |
|
|||||||||
Loss from joint ventures ( |
|
292 |
|
|
- |
|
|
292 |
|
|
287 |
|
|
- |
|
|
287 |
|
|||||||||
2021 BSP Term Loan prepayment penalty |
|
- |
|
|
- |
|
|
- |
|
|
150 |
|
|
- |
|
|
150 |
|
|||||||||
Tax impact of additional charges |
|
(1,979 |
) |
|
- |
|
|
(1,979 |
) |
|
(2,347 |
) |
|
- |
|
|
(2,347 |
) |
|||||||||
Adjusted net income attributable to common stockholders |
$ |
13,296 |
|
$ |
21,086 |
|
$ |
(7,790 |
) |
$ |
9,335 |
|
$ |
18,446 |
|
$ |
(9,111 |
) |
|||||||||
Adjusted earnings per share - basic |
$ |
1.35 |
|
$ |
2.20 |
|
$ |
(0.85 |
) |
$ |
0.95 |
|
$ |
1.92 |
|
$ |
(0.96 |
) |
|||||||||
Shares used in adjusted earnings per share - basic |
|
9,871 |
|
|
9,588 |
|
|
283 |
|
|
9,871 |
|
|
9,588 |
|
|
283 |
|
|||||||||
Adjusted earnings per share - diluted |
$ |
1.26 |
|
$ |
2.10 |
|
$ |
(0.84 |
) |
$ |
0.90 |
|
$ |
1.85 |
|
$ |
(0.95 |
) |
|||||||||
Shares used in adjusted earnings per share - diluted |
|
10,532 |
|
|
10,037 |
|
|
495 |
|
|
10,428 |
|
|
9,978 |
|
|
450 |
|
|||||||||
|
||||||||||||||||||||||
(In thousands) | QTD Q2 | (In thousands) | YTD Q2 | |||||||||||||||||||
Divisions |
|
2023 |
|
2022 |
|
2021 |
% Change 2023 v 2022 |
% Change 2022 v 2021 |
Divisions |
|
2023 |
|
2022 |
|
2021 |
% Change 2023 v 2022 |
% Change 2022 v 2021 |
|||||
Toys/Consumer Products |
$ |
117,934 |
$ |
148,860 |
$ |
81,538 |
-20.8 |
% |
82.6 |
% |
Toys/Consumer Products |
$ |
215,827 |
$ |
259,983 |
$ |
161,413 |
-17.0 |
% |
61.1 |
% |
|
Dolls, Role-Play/Dress Up |
|
59,669 |
|
102,186 |
|
49,278 |
-41.6 |
% |
107.4 |
% |
Dolls, Role-Play/Dress Up |
|
107,512 |
|
164,192 |
|
94,433 |
-34.5 |
% |
73.9 |
% |
|
Action Play & Collectibles |
|
52,571 |
|
37,170 |
|
19,622 |
41.4 |
% |
89.4 |
% |
Action Play & Collectibles |
|
90,417 |
|
68,868 |
|
36,027 |
31.3 |
% |
91.2 |
% |
|
Outdoor/Seasonal Toys |
|
5,694 |
|
9,504 |
|
12,638 |
-40.1 |
% |
-24.8 |
% |
Outdoor/Seasonal Toys |
|
17,898 |
|
26,923 |
|
30,953 |
-33.5 |
% |
-13.0 |
% |
|
Costumes |
$ |
48,999 |
$ |
71,562 |
$ |
30,814 |
-31.5 |
% |
132.2 |
% |
Costumes |
|
58,590 |
|
81,320 |
|
34,782 |
-28.0 |
% |
133.8 |
% |
|
Total |
$ |
166,933 |
$ |
220,422 |
$ |
112,352 |
-24.3 |
% |
96.2 |
% |
Total |
$ |
274,417 |
$ |
341,303 |
$ |
196,195 |
-19.6 |
% |
74.0 |
% |
|
(In thousands) | QTD Q2 | (In thousands) | YTD Q2 | |||||||||||||||||||
Regions |
|
2023 |
|
2022 |
|
2021 |
% Change 2023 v 2022 |
% Change 2022 v 2021 |
Regions |
|
2023 |
|
2022 |
|
2021 |
% Change 2023 v 2022 |
% Change 2022 v 2021 |
|||||
$ |
136,187 |
$ |
192,484 |
$ |
95,265 |
-29.2 |
% |
102.1 |
% |
$ |
216,630 |
$ |
289,534 |
$ |
164,181 |
-25.2 |
% |
76.4 |
% |
|||
|
16,638 |
|
14,447 |
|
9,930 |
15.2 |
% |
45.5 |
% |
|
26,800 |
|
27,836 |
|
17,267 |
-3.7 |
% |
61.2 |
% |
|||
|
3,067 |
|
3,823 |
|
1,165 |
-19.8 |
% |
228.2 |
% |
|
12,271 |
|
6,208 |
|
3,620 |
97.7 |
% |
71.5 |
% |
|||
|
6,799 |
|
5,537 |
|
2,208 |
22.8 |
% |
150.8 |
% |
|
10,853 |
|
8,916 |
|
4,309 |
21.7 |
% |
106.9 |
% |
|||
|
1,831 |
|
2,363 |
|
2,164 |
-22.5 |
% |
9.2 |
% |
|
3,211 |
|
4,439 |
|
3,579 |
-27.7 |
% |
24.0 |
% |
|||
|
1,756 |
|
1,582 |
|
1,249 |
11.0 |
% |
26.7 |
% |
|
3,364 |
|
3,073 |
|
2,437 |
9.5 |
% |
26.1 |
% |
|||
|
655 |
|
186 |
|
371 |
252.2 |
% |
-49.9 |
% |
|
1,288 |
|
1,297 |
|
802 |
-0.7 |
% |
61.7 |
% |
|||
Total |
$ |
166,933 |
$ |
220,422 |
$ |
112,352 |
-24.3 |
% |
96.2 |
% |
Total |
$ |
274,417 |
$ |
341,303 |
$ |
196,195 |
-19.6 |
% |
74.0 |
% |
|
(In thousands) | QTD Q2 | (In thousands) | YTD Q2 | |||||||||||||||||||
Regions |
|
2023 |
|
2022 |
|
2021 |
% Change 2023 v 2022 |
% Change 2022 v 2021 |
Regions |
|
2023 |
|
2022 |
|
2021 |
% Change 2023 v 2022 |
% Change 2022 v 2021 |
|||||
$ |
142,986 |
$ |
198,021 |
$ |
97,473 |
-27.8 |
% |
103.2 |
% |
$ |
227,483 |
$ |
298,450 |
$ |
168,489 |
-23.8 |
% |
77.1 |
% |
|||
International |
|
23,947 |
|
22,401 |
|
14,879 |
6.9 |
% |
50.6 |
% |
International |
|
46,934 |
|
42,853 |
|
27,706 |
9.5 |
% |
54.7 |
% |
|
Total |
$ |
166,933 |
$ |
220,422 |
$ |
112,352 |
-24.3 |
% |
96.2 |
% |
Total |
$ |
274,417 |
$ |
341,303 |
$ |
196,195 |
-19.6 |
% |
74.0 |
% |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230727816127/en/
JAKKS Pacific Investor Relations
(424) 268-9567;
Source: