JAKKS Pacific Reports Third Quarter 2023 Financial Results
Year-to-date Gross Margin of 32+%, highest level since 2011
Third Quarter 2023 Overview
-
Net sales were
$309.7 million , a year-over-year decrease of 4%-
Toys/Consumer Products were
$246.0 million , a year-over-year decrease of 9% -
Costumes were
$63.7 million , a year-over-year increase of 19%-
Costumes year-to-date are
$122.3 million , a year-over-year decrease of 9%
-
Costumes year-to-date are
-
Toys/Consumer Products were
- Gross margin of 34.5%, up 600 basis points vs. Q3 2022
-
Gross profit of
$107.0 million , up 16% compared to$91.9 million in Q3 2022-
Year-to-date gross profit of
$189.6 million , up 4% compared to$182.7 million in 2022
-
Year-to-date gross profit of
-
Operating income of
$62.4 million (20.1% of net sales) in Q3 2023 vs.$53.7 million (16.7% of net sales) in Q3 2022-
Year-to-date operating income of
$74.4 million (12.7% of net sales) vs.$76.7 million (11.6% of net sales) for the comparable period in 2022
-
Year-to-date operating income of
-
Net income attributable to common stockholders of
$47.8 million or$4.53 per diluted share, compared to net income attributable to common stockholders of$30.3 million or$2.96 per diluted share in Q3 2022 -
Adjusted net income attributable to common stockholders (a non-GAAP measure) of
$50.1 million or$4.75 per diluted share, compared to adjusted net income attributable to common stockholders of$39.0 million or$3.80 per diluted share in Q3 2022 -
Adjusted EBITDA (a non-GAAP measure) of
$67.1 million vs.$59.4 million in Q3 2022-
Trailing twelve month Adjusted EBITDA of
$74.5 million (10.4% of trailing twelve months net sales) down from$93.5 million (11.0% of net sales) in the trailing twelve months endedSeptember 2022 .
-
Trailing twelve month Adjusted EBITDA of
Management Commentary
“Although we have seen activity at retail slowing, our business continued to perform well throughout the third quarter. Retail sell-through at our Top 3 accounts in the US were down low single digits on a year-to-date basis, while our inventory at those accounts is down over 20% year-over-year” said
“Also in the quarter, we saw our Costumes business seasonality returning to more traditional levels and catching up on a year-to-date basis. Although down 9% in year-to-date shipping vs. 2022, globally, we remain +24% vs. the same period in 2021, along with significantly improved margins. Our view of 2023
“Finally, during the third quarter, we officially opened our new office and internally operated warehouse in
It is gratifying to see the team continue to deliver exceptional, consistent results. Everyone in our company remains 100% focused on delivering great toys, costumes and other consumer products relevant to today’s children. Our evergreen category assortment and product lines have never been stronger, which continue to enhance our financial position and resilience.”
Third Quarter 2023 Results
Net sales for the third quarter of 2023 were
Year-to-date Toys/Consumer Products sales were down 13% over the comparable 2022 period. Year-to-date the Costumes segment was down 9% over the comparable 2022 period.
Year-to-date adjusted net income attributable to common stockholders was
Balance Sheet Highlights
The Company’s cash and cash equivalents (including restricted cash) totaled
Total debt was zero, compared to
Inventory was
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 |
$ |
96,252 |
|
$ |
76,418 |
|
$ |
85,297 |
|
|||||||
Restricted cash |
|
195 |
|
|
178 |
|
|
193 |
|
|||||||
Accounts receivable, net |
|
206,751 |
|
|
204,856 |
|
|
102,771 |
|
|||||||
Inventory |
|
68,832 |
|
|
109,171 |
|
|
80,619 |
|
|||||||
Prepaid expenses and other assets |
|
6,721 |
|
|
11,124 |
|
|
6,331 |
|
|||||||
Total current assets |
|
378,751 |
|
|
401,747 |
|
|
275,211 |
|
|||||||
Property and equipment |
|
135,821 |
|
|
131,918 |
|
|
130,437 |
|
|||||||
Less accumulated depreciation and amortization |
|
121,193 |
|
|
116,558 |
|
|
115,575 |
|
|||||||
Property and equipment, net |
|
14,628 |
|
|
15,360 |
|
|
14,862 |
|
|||||||
Operating lease right-of-use assets, net |
|
25,743 |
|
|
22,154 |
|
|
19,913 |
|
|||||||
Deferred income tax assets, net |
|
57,856 |
|
|
- |
|
|
57,804 |
|
|||||||
|
35,083 |
|
|
35,083 |
|
|
35,083 |
|
||||||||
Intangibles and other assets, net |
|
2,220 |
|
|
2,770 |
|
|
2,469 |
|
|||||||
Total assets |
$ |
514,281 |
|
$ |
477,114 |
|
$ |
405,342 |
|
|||||||
Liabilities, Preferred Stock and Stockholders' Equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable |
$ |
94,409 |
|
$ |
77,126 |
|
$ |
33,687 |
|
|||||||
Accounts payable - Meisheng (related party) |
|
27,977 |
|
|
28,301 |
|
|
9,820 |
|
|||||||
Accrued expenses |
|
65,609 |
|
|
73,723 |
|
|
37,998 |
|
|||||||
Reserve for sales returns and allowances |
|
43,512 |
|
|
59,216 |
|
|
51,877 |
|
|||||||
Income taxes payable |
|
17,422 |
|
|
14,084 |
|
|
8,165 |
|
|||||||
Short term operating lease liabilities |
|
6,415 |
|
|
10,515 |
|
|
10,746 |
|
|||||||
Short term debt, net |
|
- |
|
|
2,475 |
|
|
25,529 |
|
|||||||
Total current liabilities |
|
255,344 |
|
|
265,440 |
|
|
177,822 |
|
|||||||
Long term operating lease liabilities |
|
19,283 |
|
|
12,555 |
|
|
9,863 |
|
|||||||
Accrued expenses - long term |
|
3,750 |
|
|
- |
|
|
- |
|
|||||||
Debt, non-current portion, net |
|
- |
|
|
65,195 |
|
|
41,622 |
|
|||||||
Preferred stock derivative liability |
|
28,586 |
|
|
23,347 |
|
|
21,918 |
|
|||||||
Income taxes payable |
|
2,994 |
|
|
66 |
|
|
2,929 |
|
|||||||
Deferred income tax liabilities, net |
|
- |
|
|
53 |
|
|
- |
|
|||||||
Total liabilities |
|
309,957 |
|
|
366,656 |
|
|
254,154 |
|
|||||||
Preferred stock accrued dividends |
|
5,608 |
|
|
4,128 |
|
|
4,490 |
|
|||||||
Stockholders' equity: | ||||||||||||||||
Common stock, |
|
10 |
|
|
10 |
|
|
10 |
|
|||||||
Additional paid-in capital |
|
277,546 |
|
|
274,040 |
|
|
275,187 |
|
|||||||
Accumulated deficit |
|
(62,744 |
) |
|
(149,987 |
) |
|
(112,018 |
) |
|||||||
Accumulated other comprehensive loss |
|
(16,808 |
) |
|
(18,594 |
) |
|
(17,482 |
) |
|||||||
|
198,004 |
|
|
105,469 |
|
|
145,697 |
|
||||||||
Non-controlling interests |
|
712 |
|
|
861 |
|
|
1,001 |
|
|||||||
Total stockholders' equity |
|
198,716 |
|
|
106,330 |
|
|
146,698 |
|
|||||||
Total liabilities, preferred stock and stockholders' equity |
$ |
514,281 |
|
$ |
477,114 |
|
$ |
405,342 |
|
|||||||
Supplemental Balance Sheet and Cash Flow Data (Unaudited) | ||||||||||||||||
|
||||||||||||||||
Key Balance Sheet Data: |
2023 |
2022 |
||||||||||||||
Accounts receivable days sales outstanding (DSO) |
|
61 |
|
|
58 |
|
||||||||||
Inventory turnover (DSI) |
|
31 |
|
|
44 |
|
||||||||||
Nine Months Ended
|
||||||||||||||||
Condensed Cash Flow Data: |
2023 |
2022 |
||||||||||||||
(In thousands) | ||||||||||||||||
Cash flows provided by operating activities |
$ |
89,421 |
|
$ |
75,261 |
|
||||||||||
Cash flows used in investing activities |
|
(7,427 |
) |
|
(8,087 |
) |
||||||||||
Cash flows used in financing activities and other |
|
(71,037 |
) |
|
(35,910 |
) |
||||||||||
Increase (Decrease) in cash, cash equivalents and restricted cash |
$ |
10,957 |
|
$ |
31,264 |
|
||||||||||
Capital expenditures |
$ |
(7,464 |
) |
$ |
(8,089 |
) |
||||||||||
|
|||||||||||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) |
|||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||
|
2023 |
2022 |
Δ (%) |
|
2023 |
2022 |
Δ (%) |
||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | ||||||||||||||||||||||
Net sales |
$ |
309,744 |
|
$ |
322,998 |
|
(4 |
)% |
$ |
584,161 |
|
$ |
664,301 |
|
(12 |
)% |
|||||||
Less: Cost of sales | |||||||||||||||||||||||
Cost of goods |
|
149,052 |
|
|
174,334 |
|
(15 |
) |
$ |
293,512 |
|
|
368,242 |
|
(20 |
) |
|||||||
Royalty expense |
|
51,141 |
|
|
52,868 |
|
(3 |
) |
|
95,074 |
|
|
106,262 |
|
(11 |
) |
|||||||
Amortization of tools and molds |
|
2,566 |
|
|
3,885 |
|
(34 |
) |
|
5,955 |
|
|
7,079 |
|
(16 |
) |
|||||||
Cost of sales |
|
202,759 |
|
|
231,087 |
|
(12 |
) |
|
394,541 |
|
|
481,583 |
|
(18 |
) |
|||||||
Gross profit |
|
106,985 |
|
|
91,911 |
|
16 |
|
|
189,620 |
|
|
182,718 |
|
4 |
|
|||||||
Direct selling expenses |
|
10,684 |
|
|
8,397 |
|
27 |
|
|
22,405 |
|
|
20,137 |
|
11 |
|
|||||||
General and administrative expenses |
|
33,821 |
|
|
29,400 |
|
15 |
|
|
92,492 |
|
|
84,067 |
|
10 |
|
|||||||
Depreciation and amortization |
|
81 |
|
|
373 |
|
(78 |
) |
|
276 |
|
|
1,547 |
|
(82 |
) |
|||||||
Selling, general and administrative expenses |
|
44,586 |
|
|
38,170 |
|
17 |
|
|
115,173 |
|
|
105,751 |
|
9 |
|
|||||||
Intangibles impairment |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
300 |
|
nm | ||||||||
Income from operations |
|
62,399 |
|
|
53,741 |
|
16 |
|
|
74,447 |
|
|
76,667 |
|
(3 |
) |
|||||||
Other income (expense): | |||||||||||||||||||||||
Loss from joint ventures |
|
- |
|
|
- |
|
- |
|
|
(565 |
) |
|
- |
|
nm | ||||||||
Other income (expense), net |
|
(52 |
) |
|
251 |
|
nm |
|
424 |
|
|
520 |
|
(18 |
) |
||||||||
Change in fair value of preferred stock derivative liability |
|
(793 |
) |
|
(7,449 |
) |
(89 |
) |
|
(6,668 |
) |
|
(2,065 |
) |
223 |
|
|||||||
Loss on debt extinguishment |
|
- |
|
|
- |
|
- |
|
|
(1,023 |
) |
|
- |
|
nm | ||||||||
Interest income |
|
384 |
|
|
55 |
|
nm |
|
587 |
|
|
64 |
|
nm | |||||||||
Interest expense |
|
(1,436 |
) |
|
(4,350 |
) |
(67 |
) |
|
(5,741 |
) |
|
(8,889 |
) |
(35 |
) |
|||||||
Income before provision for income taxes |
|
60,502 |
|
|
42,248 |
|
43 |
|
|
61,461 |
|
|
66,297 |
|
(7 |
) |
|||||||
Provision for income taxes |
|
12,381 |
|
|
11,572 |
|
7 |
|
|
12,476 |
|
|
13,323 |
|
(6 |
) |
|||||||
Net income |
|
48,121 |
|
|
30,676 |
|
57 |
|
|
48,985 |
|
|
52,974 |
|
(8 |
) |
|||||||
Net loss attributable to non-controlling interests |
|
(11 |
) |
|
(17 |
) |
(35 |
) |
|
(289 |
) |
|
(470 |
) |
(39 |
) |
|||||||
Net income attributable to |
$ |
48,132 |
|
$ |
30,693 |
|
57 |
% |
$ |
49,274 |
|
$ |
53,444 |
|
(8 |
)% |
|||||||
Net income attributable to common stockholders |
$ |
47,754 |
|
$ |
30,336 |
|
57 |
% |
$ |
48,156 |
|
$ |
52,390 |
|
(8 |
)% |
|||||||
Earnings per share - basic |
$ |
4.77 |
|
$ |
3.13 |
|
$ |
4.85 |
|
$ |
5.44 |
|
|||||||||||
Shares used in earnings per share - basic |
|
10,021 |
|
|
9,695 |
|
|
9,922 |
|
|
9,624 |
|
|||||||||||
Earnings per share - diluted |
$ |
4.53 |
|
$ |
2.96 |
|
$ |
4.58 |
|
$ |
5.18 |
|
|||||||||||
Shares used in earnings per share - diluted |
|
10,542 |
|
|
10,260 |
|
|
10,503 |
|
|
10,111 |
|
|||||||||||
Three Months Ended |
|
|
|
Nine 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 |
|
48.2 |
|
|
54.0 |
|
580 |
|
|
50.2 |
|
|
55.4 |
|
520 |
|
|||||||
Royalty expense |
|
16.5 |
|
|
16.3 |
|
(20 |
) |
|
16.3 |
|
|
16.0 |
|
(30 |
) |
|||||||
Amortization of tools and molds |
|
0.8 |
|
|
1.2 |
|
40 |
|
|
1.0 |
|
|
1.1 |
|
10 |
|
|||||||
Cost of sales |
|
65.5 |
|
|
71.5 |
|
600 |
|
|
67.5 |
|
|
72.5 |
|
500 |
|
|||||||
Gross profit |
|
34.5 |
|
|
28.5 |
|
600 |
|
|
32.5 |
|
|
27.5 |
|
500 |
|
|||||||
Direct selling expenses |
|
3.5 |
|
|
2.6 |
|
(90 |
) |
|
3.8 |
|
|
3.0 |
|
(80 |
) |
|||||||
General and administrative expenses |
|
10.9 |
|
|
9.1 |
|
(180 |
) |
|
15.9 |
|
|
12.7 |
|
(320 |
) |
|||||||
Depreciation and amortization |
|
- |
|
|
0.1 |
|
10 |
|
|
0.1 |
|
|
0.2 |
|
10 |
|
|||||||
Selling, general and administrative expenses |
|
14.4 |
|
|
11.8 |
|
(260 |
) |
|
19.8 |
|
|
15.9 |
|
(390 |
) |
|||||||
Intangibles impairment |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
|||||||
Income from operations |
|
20.1 |
|
|
16.7 |
|
340 |
|
|
12.7 |
|
|
11.6 |
|
110 |
|
|||||||
Other income (expense): | |||||||||||||||||||||||
Loss from joint ventures |
|
- |
|
|
- |
|
|
(0.1 |
) |
|
- |
|
|||||||||||
Other income (expense), net |
|
- |
|
|
0.1 |
|
|
0.1 |
|
|
- |
|
|||||||||||
Change in fair value of preferred stock derivative liability |
|
(0.3 |
) |
|
(2.3 |
) |
|
(1.1 |
) |
|
(0.3 |
) |
|||||||||||
Loss on debt extinguishment |
|
- |
|
|
- |
|
|
(0.2 |
) |
|
- |
|
|||||||||||
Interest income |
|
0.1 |
|
|
- |
|
|
0.1 |
|
|
- |
|
|||||||||||
Interest expense |
|
(0.4 |
) |
|
(1.4 |
) |
|
(1.0 |
) |
|
(1.3 |
) |
|||||||||||
Income before provision for income taxes |
|
19.5 |
|
|
13.1 |
|
|
10.5 |
|
|
10.0 |
|
|||||||||||
Provision for income taxes |
|
4.0 |
|
|
3.6 |
|
|
2.1 |
|
|
2.0 |
|
|||||||||||
Net income |
|
15.5 |
|
|
9.5 |
|
|
8.4 |
|
|
8.0 |
|
|||||||||||
Net loss attributable to non-controlling interests |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||||||
Net income attributable to |
|
15.5 |
% |
|
9.5 |
% |
|
8.4 |
% |
|
8.0 |
% |
|||||||||||
Net income attributable to common stockholders |
|
15.4 |
% |
|
9.4 |
% |
|
8.2 |
% |
|
7.9 |
% |
|||||||||||
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 |
|
|
|
|
Nine Months Ended |
|
||||||||||||||||||||||
2023 |
2022 |
Δ ($) |
|
|
|
2023 |
2022 |
Δ ($) |
||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||
EBITDA and Adjusted EBITDA | ||||||||||||||||||||||||||||
Net income |
$ |
48,121 |
|
$ |
30,676 |
|
$ |
17,445 |
|
$ |
48,985 |
|
$ |
52,974 |
|
$ |
(3,989 |
) |
||||||||||
Interest expense |
|
1,436 |
|
|
4,350 |
|
|
(2,914 |
) |
|
5,741 |
|
|
8,889 |
|
|
(3,148 |
) |
||||||||||
Interest income |
|
(384 |
) |
|
(55 |
) |
|
(329 |
) |
|
(587 |
) |
|
(64 |
) |
|
(523 |
) |
||||||||||
Provision for income taxes |
|
12,381 |
|
|
11,572 |
|
|
809 |
|
|
12,476 |
|
|
13,323 |
|
|
(847 |
) |
||||||||||
Depreciation and amortization |
|
4,398 |
|
|
4,258 |
|
|
140 |
|
|
7,982 |
|
|
8,626 |
|
|
(644 |
) |
||||||||||
EBITDA |
|
65,952 |
|
|
50,801 |
|
|
15,151 |
|
|
74,597 |
|
|
83,748 |
|
|
(9,151 |
) |
||||||||||
Adjustments: | ||||||||||||||||||||||||||||
Loss from joint ventures ( |
|
- |
|
|
- |
|
|
- |
|
|
276 |
|
|
- |
|
|
276 |
|
||||||||||
Loss from joint ventures (Meisheng - 49%) |
|
- |
|
|
- |
|
|
- |
|
|
289 |
|
|
- |
|
|
289 |
|
||||||||||
Other (income) expense, net |
|
52 |
|
|
(251 |
) |
|
303 |
|
|
(424 |
) |
|
(520 |
) |
|
96 |
|
||||||||||
Restricted stock compensation expense |
|
2,025 |
|
|
1,411 |
|
|
614 |
|
|
5,970 |
|
|
3,436 |
|
|
2,534 |
|
||||||||||
Change in fair value of preferred stock derivative liability |
|
793 |
|
|
7,449 |
|
|
(6,656 |
) |
|
6,668 |
|
|
2,065 |
|
|
4,603 |
|
||||||||||
Employee Retention Credit/gov't employment support |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(249 |
) |
|
249 |
|
||||||||||
Molds and tooling capitalization |
|
(1,751 |
) |
|
- |
|
|
(1,751 |
) |
|
(1,751 |
) |
|
- |
|
|
(1,751 |
) |
||||||||||
Loss on debt extinguishment |
|
- |
|
|
- |
|
|
- |
|
|
1,023 |
|
|
- |
|
|
1,023 |
|
||||||||||
Adjusted EBITDA |
$ |
67,071 |
|
$ |
59,410 |
|
$ |
7,661 |
|
$ |
86,648 |
|
$ |
88,480 |
|
$ |
(1,832 |
) |
||||||||||
Adjusted EBITDA/Net sales % |
|
21.7 |
% |
|
18.4 |
% |
330 bps |
|
14.8 |
% |
|
13.3 |
% |
150 bps | ||||||||||||||
Trailing Twelve Months Ended
|
||||||||||||||||||||||||||||
2023 |
2022 |
Δ ($) | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
TTM EBITDA and TTM Adjusted EBITDA | ||||||||||||||||||||||||||||
TTM Net income |
$ |
87,094 |
|
$ |
49,821 |
|
$ |
37,273 |
|
|||||||||||||||||||
Interest expense |
|
8,035 |
|
|
11,090 |
|
|
(3,055 |
) |
|||||||||||||||||||
Interest income |
|
(650 |
) |
|
(67 |
) |
|
(583 |
) |
|||||||||||||||||||
Provision for (benefit from) income taxes |
|
(41,855 |
) |
|
13,263 |
|
|
(55,118 |
) |
|||||||||||||||||||
Depreciation and amortization |
|
9,934 |
|
|
10,012 |
|
|
(78 |
) |
|||||||||||||||||||
TTM EBITDA |
|
62,558 |
|
|
84,119 |
|
|
(21,561 |
) |
|||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||
Loss from joint ventures ( |
|
276 |
|
|
- |
|
|
276 |
|
|||||||||||||||||||
Loss from joint ventures (Meisheng - 49%) |
|
289 |
|
|
- |
|
|
289 |
|
|||||||||||||||||||
Other (income) expense, net |
|
(701 |
) |
|
(710 |
) |
|
9 |
|
|||||||||||||||||||
Restricted stock compensation expense |
|
7,616 |
|
|
4,149 |
|
|
3,467 |
|
|||||||||||||||||||
Change in fair value of convertible senior notes |
|
- |
|
|
(76 |
) |
|
76 |
|
|||||||||||||||||||
Change in fair value of preferred stock derivative liability |
|
5,239 |
|
|
6,272 |
|
|
(1,033 |
) |
|||||||||||||||||||
Employee Retention Credit/gov't employment support |
|
- |
|
|
(249 |
) |
|
249 |
|
|||||||||||||||||||
Molds and tooling capitalization |
|
(1,751 |
) |
|
- |
|
|
(1,751 |
) |
|||||||||||||||||||
Loss on debt extinguishment |
|
1,023 |
|
|
- |
|
|
1,023 |
|
|||||||||||||||||||
TTM Adjusted EBITDA |
$ |
74,549 |
|
$ |
93,505 |
|
$ |
(18,956 |
) |
|||||||||||||||||||
TTM Adjusted EBITDA/TTM Net sales % |
|
10.4 |
% |
|
11.0 |
% |
-59 bps | |||||||||||||||||||||
Three Months Ended |
Nine 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 |
$ |
47,754 |
|
$ |
30,336 |
|
$ |
17,418 |
|
$ |
48,156 |
|
$ |
52,390 |
|
$ |
(4,234 |
) |
||||||||||
Restricted stock compensation expense |
|
2,025 |
|
|
1,411 |
|
|
614 |
|
|
5,970 |
|
|
3,436 |
|
|
2,534 |
|
||||||||||
Change in fair value of preferred stock derivative liability |
|
793 |
|
|
7,449 |
|
|
(6,656 |
) |
|
6,668 |
|
|
2,065 |
|
|
4,603 |
|
||||||||||
Loss on debt extinguishment |
|
- |
|
|
- |
|
|
- |
|
|
1,023 |
|
|
- |
|
|
1,023 |
|
||||||||||
Employee Retention Credit/gov't employment support |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(249 |
) |
|
249 |
|
||||||||||
Loss from joint ventures ( |
|
- |
|
|
- |
|
|
- |
|
|
276 |
|
|
- |
|
|
276 |
|
||||||||||
2021 BSP Term Loan prepayment penalty |
|
- |
|
|
525 |
|
|
(525 |
) |
|
150 |
|
|
525 |
|
|
(375 |
) |
||||||||||
Molds and Tooling capitalization |
|
(1,751 |
) |
|
- |
|
|
(1,751 |
) |
|
(1,751 |
) |
|
- |
|
|
(1,751 |
) |
||||||||||
Tax impact of additional charges |
|
1,268 |
|
|
(697 |
) |
|
1,965 |
|
|
(1,079 |
) |
|
(697 |
) |
|
(382 |
) |
||||||||||
Adjusted net income attributable to common stockholders |
$ |
50,089 |
|
$ |
39,024 |
|
$ |
11,065 |
|
$ |
59,413 |
|
$ |
57,470 |
|
$ |
1,943 |
|
||||||||||
Adjusted earnings per share - basic |
$ |
5.00 |
|
$ |
4.03 |
|
$ |
0.97 |
|
$ |
5.99 |
|
$ |
5.97 |
|
$ |
0.02 |
|
||||||||||
Shares used in adjusted earnings per share - basic |
|
10,021 |
|
|
9,695 |
|
|
326 |
|
|
9,922 |
|
|
9,624 |
|
|
298 |
|
||||||||||
Adjusted earnings per share - diluted |
$ |
4.75 |
|
$ |
3.80 |
|
$ |
0.95 |
|
$ |
5.66 |
|
$ |
5.68 |
|
$ |
(0.02 |
) |
||||||||||
Shares used in adjusted earnings per share - diluted |
|
10,542 |
|
|
10,260 |
|
|
282 |
|
|
10,503 |
|
|
10,111 |
|
|
392 |
|
(In thousands) |
QTD Q3 |
|
(In thousands) |
YTD Q3 |
||||||||||||||||||
Divisions |
|
2023 |
|
2022 |
|
2021 |
% Change
|
|
|
Divisions |
|
2023 |
|
2022 |
|
2021 |
% Change
|
|
||||
Toys/Consumer Products |
$ |
246,004 |
$ |
269,607 |
$ |
172,952 |
-8.8 |
% |
55.9 |
% |
Toys/Consumer Products |
$ |
461,831 |
$ |
529,590 |
$ |
334,365 |
-12.8 |
% |
58.4 |
% |
|
Dolls, Role-Play/Dress Up |
|
139,177 |
|
190,452 |
|
112,050 |
-26.9 |
% |
70.0 |
% |
Dolls, Role-Play/Dress Up |
|
246,689 |
|
354,644 |
|
206,483 |
-30.4 |
% |
71.8 |
% |
|
Action Play & Collectibles |
|
93,717 |
|
65,752 |
|
37,587 |
42.5 |
% |
74.9 |
% |
Action Play & Collectibles |
|
184,134 |
|
134,620 |
|
73,614 |
36.8 |
% |
82.9 |
% |
|
Outdoor/Seasonal Toys |
|
13,110 |
|
13,403 |
|
23,315 |
-2.2 |
% |
-42.5 |
% |
Outdoor/Seasonal Toys |
|
31,008 |
|
40,326 |
|
54,268 |
-23.1 |
% |
-25.7 |
% |
|
Costumes |
$ |
63,740 |
$ |
53,391 |
$ |
64,005 |
19.4 |
% |
-16.6 |
% |
Costumes |
|
122,330 |
|
134,711 |
|
98,787 |
-9.2 |
% |
36.4 |
% |
|
Total |
$ |
309,744 |
$ |
322,998 |
$ |
236,957 |
-4.1 |
% |
36.3 |
% |
Total |
$ |
584,161 |
$ |
664,301 |
$ |
433,152 |
-12.1 |
% |
53.4 |
% |
|
(In thousands) |
QTD Q3 |
(In thousands) |
YTD Q3 |
|||||||||||||||||||
Regions |
|
2023 |
|
2022 |
|
2021 |
% Change
|
|
Regions |
|
2023 |
|
2022 |
|
2021 |
% Change
|
|
|||||
$ |
244,931 |
$ |
253,854 |
$ |
199,136 |
-3.5 |
% |
27.5 |
% |
$ |
461,561 |
$ |
543,388 |
$ |
363,317 |
-15.1 |
% |
49.6 |
% |
|||
|
31,676 |
|
38,075 |
|
20,836 |
-16.8 |
% |
82.7 |
% |
|
58,476 |
|
65,911 |
|
38,103 |
-11.3 |
% |
73.0 |
% |
|||
|
11,453 |
|
12,804 |
|
8,094 |
-10.6 |
% |
58.2 |
% |
|
22,306 |
|
21,720 |
|
12,403 |
2.7 |
% |
75.1 |
% |
|||
|
15,319 |
|
9,504 |
|
4,503 |
61.2 |
% |
111.1 |
% |
|
27,590 |
|
15,712 |
|
8,123 |
75.6 |
% |
93.4 |
% |
|||
|
3,192 |
|
4,294 |
|
2,635 |
-25.7 |
% |
63.0 |
% |
|
6,403 |
|
8,733 |
|
6,214 |
-26.7 |
% |
40.5 |
% |
|||
|
2,692 |
|
3,941 |
|
1,490 |
-31.7 |
% |
164.5 |
% |
|
6,056 |
|
7,014 |
|
3,927 |
-13.7 |
% |
78.6 |
% |
|||
|
481 |
|
526 |
|
263 |
-8.6 |
% |
100.0 |
% |
|
1,769 |
|
1,823 |
|
1,065 |
-3.0 |
% |
71.2 |
% |
|||
Total |
$ |
309,744 |
$ |
322,998 |
$ |
236,957 |
-4.1 |
% |
36.3 |
% |
Total |
$ |
584,161 |
$ |
664,301 |
$ |
433,152 |
-12.1 |
% |
53.4 |
% |
|
(In thousands) |
QTD Q3 |
(In thousands) |
YTD Q3 |
|||||||||||||||||||
Regions |
|
2023 |
|
2022 |
|
2021 |
% Change
|
|
Regions |
|
2023 |
|
2022 |
|
2021 |
% Change
|
|
|||||
$ |
256,384 |
$ |
266,658 |
$ |
207,230 |
-3.9 |
% |
28.7 |
% |
$ |
483,867 |
$ |
565,108 |
$ |
375,720 |
-14.4 |
% |
50.4 |
% |
|||
International |
|
53,360 |
|
56,340 |
|
29,727 |
-5.3 |
% |
89.5 |
% |
International |
|
100,294 |
|
99,193 |
|
57,432 |
1.1 |
% |
72.7 |
% |
|
Total |
$ |
309,744 |
$ |
322,998 |
$ |
236,957 |
-4.1 |
% |
36.3 |
% |
Total |
$ |
584,161 |
$ |
664,301 |
$ |
433,152 |
-12.1 |
% |
53.4 |
% |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20231101232038/en/
JAKKS Pacific Investor Relations
(424) 268-9567
investors@jakks.net
Source: