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Share Name | Share Symbol | Market | Type |
---|---|---|---|
JAKKS Pacific Inc | NASDAQ:JAKK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.66 | 16.80 | 19.70 | 2 | 12:01:02 |
Year-to-date Gross Margin of 32+%, highest level since 2011
JAKKS Pacific, Inc. (NASDAQ: JAKK) today reported financial results for the third quarter ended September 30, 2023.
Third Quarter 2023 Overview
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 Stephen Berman, CEO of JAKKS Pacific. “A more predictable supply-chain and lower promotional activity than last year has resulted in significantly improved product margins, building on the continued rigor and collaboration between our development and sourcing teams. Of note, our Action Play & Collectibles business was up 43% in the quarter, and with $184.1 million shipped through Q3, is up 37% compared to last year. We are looking forward to the holiday season and have recently finished great customer meetings previewing our Fall 2024 product line. We are exceeding our own internal expectations for the full-year and are carefully navigating towards the end of the year given the persistent uncertainty about consumer behavior.
“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 Halloween shopping in the US was that it was a bit softer overall. We see that in our data and in referencing syndicated market data. The latter suggests we have retained and expanded our market leadership position, but final syndicated data won’t be available until later this month.
“Finally, during the third quarter, we officially opened our new office and internally operated warehouse in Italy to better serve that market and Southern Europe broadly starting in 2024. We are very focused on maximizing our presence across the EU given the current strength of our product line. We nonetheless continue to proactively manage our owned inventory, increasing our internal discipline around turns and maximizing our cash position. Our Q3 ending inventory level of $68.8 million is the lowest Q3 level since 2020, down 37% from this time last year. We are always striving to improve our internal operations to remain competitive and the partner of choice for our customers, licensors and vendors.
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 $309.7 million, down 4% versus $323.0 million last year. The Toys/Consumer Products segment sales were down 9% globally (-10% North America; -4% International) and sales of Disguise costumes were up 19% compared to last year (23% North America; -13% International) as Halloween customers ordering reverted to more traditional seasonality.
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 $59.4 million ($5.66 per diluted share), compared to $57.5 million ($5.68 per diluted share) in the first nine months of 2022. Year-to-date adjusted EBITDA of $86.6 million (14.8% of net sales) declined from $88.5 million (13.3% of net sales) in the comparable 2022 period.
Balance Sheet Highlights
The Company’s cash and cash equivalents (including restricted cash) totaled $96.4 million as of September 30, 2023 compared to $76.6 million as of September 30, 2022, and $85.5 million as of December 31, 2022.
Total debt was zero, compared to $67.7 million as of September 30, 2022, and $67.2 million as of December 31, 2022. Total debt included the amount outstanding under the Company's term loan, net of unamortized discounts and issuance costs.
Inventory was $68.8 million, compared to $109.2 million as of September 30, 2022 and $80.6 million in total inventory as of December 31, 2022.
Use of Non-GAAP Financial Information
In addition to the preliminary results reported in accordance with U.S. GAAP included in this release, the Company has provided certain non-GAAP financial information including Adjusted EBITDA which is a non-GAAP metric that excludes various items that are detailed in the financial tables and accompanying footnotes reconciling GAAP to non-GAAP results contained in this release. Management believes that the presentation of these non-GAAP financial measures provides useful information to investors because the information may allow investors to better evaluate ongoing business performance and certain components of the Company’s results. In addition, the Company believes that the presentation of these financial measures enhances an investor’s ability to make period-to-period comparisons of the Company’s operating results. This information should be considered in addition to the results presented in accordance with GAAP, and should not be considered a substitute for the GAAP results. The Company has reconciled the non-GAAP financial information included in this release to the nearest GAAP measures. See the attached “Reconciliation of Non-GAAP Financial Information.” “Total liquidity” is calculated as cash and cash equivalents, plus availability under the Company’s $67.5 million revolving credit facility.
Conference Call Live Webcast
JAKKS Pacific, Inc. invites analysts, investors and media to listen to the teleconference scheduled for 5:00 p.m. ET / 2:00 p.m. PT on November 1, 2023. A live webcast of the call will be available on the “Investor Relations” page of the Company’s website at www.jakks.com/investors. To access the call by phone, please go to this link (3Q23 Registration link), and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at (www.jakks.com/investors).
About JAKKS Pacific, Inc.
JAKKS Pacific, Inc. is a leading designer, manufacturer and marketer of toys and consumer products sold throughout the world, with its headquarters in Santa Monica, California. JAKKS Pacific’s popular proprietary brands include Fly Wheels®, Perfectly Cute®, ReDo® Skateboard Co., AirTitans®, Sky Ball®, JAKKS Wild Games™, Moose Mountain®, Maui®, SportsZone™, Kids Only!™, Xtreme Power Dozer®, Disguise®, WeeeDo®, Ami Amis™ and a wide range of entertainment-inspired products featuring premier licensed properties. Through JAKKS Cares, the company’s commitment to philanthropy, JAKKS is helping to make a positive impact on the lives of children. Visit us at www.jakks.com and follow us on Instagram (@jakkspacific.toys), X (@JAKKStoys), and Facebook (@jakkspacific.toys).
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 JAKKS Pacific's business based partly on assumptions made by its management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements due to numerous factors, including, but not limited to, those described above, changes in demand for JAKKS Pacific's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, or that the Recapitalization transaction or any future transactions will result in future growth or success of JAKKS. The “forward-looking statements” contained herein speak only as of the date on which they are made, and JAKKS undertakes no obligation to update any of them to reflect events or circumstances after the date of this release.
JAKKS Pacific, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited)September 30,
December 31,
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
Goodwill
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, $.001 par value
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
)
Total JAKKS Pacific, Inc. stockholders' equity
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)
September 30,
Key Balance Sheet Data:2023
2022
Accounts receivable days sales outstanding (DSO)
61
58
Inventory turnover (DSI)
31
44
Nine Months Ended September 30,
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
)
JAKKS Pacific, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
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 JAKKS Pacific, Inc.$
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 September 30,
Nine Months Ended September 30,
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 JAKKS Pacific, Inc.
15.5
%
9.5
%
8.4
%
8.0
%
Net income attributable to common stockholders
15.4
%
9.4
%
8.2
%
7.9
%
JAKKS Pacific, Inc. and Subsidiaries 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 Securities and Exchange Commission. The non-GAAP financial measures included in the press release are reconciled to the corresponding GAAP financial measures below, as required under the rules of the Securities and Exchange Commission regarding the use of non-GAAP financial measures. We define Adjusted EBITDA as income (loss) from operations before depreciation, amortization and adjusted for certain non-recurring and non-cash charges, such as reorganization expenses and restricted stock compensation expense. Net income (loss) is similarly adjusted and tax-effected to arrive at Adjusted Net Income (Loss). Adjusted EBITDA and Adjusted Net Income (Loss) are not recognized financial measures under GAAP, but we believe that they are useful in measuring our operating performance. We believe that the use of the non-GAAP financial measures enhances an overall understanding of the Company’s past financial performance, and provides useful information to the investor by comparing our performance across reporting periods on a consistent basis.
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 September 30,
Nine Months Ended September 30,
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 (JAKKS Pacific, Inc. - 51%)
-
-
-
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 bpsTrailing Twelve Months Ended September 30,
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 (JAKKS Pacific, Inc. - 51%)
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 bpsThree Months Ended September 30,
Nine Months Ended September 30,2023
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 (JAKKS Pacific, Inc. - 51%)
-
-
-
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
JAKKS Pacific, Inc. and Subsidiaries Net Sales by Division and Geographic Region (In thousands)
QTD Q3
(In thousands)
YTD Q3
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$
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 2023 v 2022
% Change 2022 v 2021
Regions
2023
2022
2021
% Change 2023 v 2022
% Change 2022 v 2021
United States$
244,931
$
253,854
$
199,136
-3.5
%
27.5
%
United States$
461,561
$
543,388
$
363,317
-15.1
%
49.6
%
Europe
31,676
38,075
20,836
-16.8
%
82.7
%
Europe
58,476
65,911
38,103
-11.3
%
73.0
%
Canada
11,453
12,804
8,094
-10.6
%
58.2
%
Canada
22,306
21,720
12,403
2.7
%
75.1
%
Latin America
15,319
9,504
4,503
61.2
%
111.1
%
Latin America
27,590
15,712
8,123
75.6
%
93.4
%
Asia
3,192
4,294
2,635
-25.7
%
63.0
%
Asia
6,403
8,733
6,214
-26.7
%
40.5
%
Australia & New Zealand
2,692
3,941
1,490
-31.7
%
164.5
%
Australia & New Zealand
6,056
7,014
3,927
-13.7
%
78.6
%
Middle East & Africa
481
526
263
-8.6
%
100.0
%
Middle East & Africa
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 2023 v 2022
% Change 2022 v 2021
Regions
2023
2022
2021
% Change 2023 v 2022
% Change 2022 v 2021
North America$
256,384
$
266,658
$
207,230
-3.9
%
28.7
%
North America$
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 Lucas Natalini investors@jakks.net
1 Year JAKKS Pacific Chart |
1 Month JAKKS Pacific Chart |
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