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JAKKS Pacific Reports Second Quarter 2023 Financial Results

Long-term debt retired; Second-Highest First Half Net Sales in 15 Years

JAKKS Pacific, Inc. (NASDAQ: JAKK) today reported financial results for the second quarter ended June 30, 2023.

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 for JAKKS Pacific, Inc. were $274.4 million, a year-over-year decrease of 19.6%
  • 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 of June 30, 2022, and $177.7 million as of September 30, 2019, post company recapitalization
  • 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 ended June 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 Stephen Berman, CEO of JAKKS Pacific, Inc. “Consumers reacted favorably to our new product launches, both supporting the most talked about film releases of the first half of the year as well as the innovation and excitement we’ve brought to our classic, evergreen product lines. Retail sell-through accelerated in the quarter from earlier in the year, as customers continued to work down inventory levels and refocus their attention and planning for the annual holiday shopping season.

“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 $65.1 million is our lowest Q2 level since 2021.

“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 $49 million, substantially lower than last year’s all-time peak of $72 million as we see customers ordering more conservatively and later than last year but it was nonetheless the second highest Q2 shipment level in the past 10+ years. We are still anticipating a very strong year in Costumes.

“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 $166.9 million, down 24% versus an all-time high of $220.4 million last year. The Toys/Consumer Products segment sales were down 21% globally and sales of Disguise costumes were down 32% compared to last year.

For the first half, North America was down 24% while International was up 10%.

Balance Sheet Highlights

The Company’s cash and cash equivalents (including restricted cash) totaled $32.4 million as of June 30, 2023, compared to $62.3 million as of June 30, 2022, and $85.5 million as of December 31, 2022.

Total debt was zero, compared to $84.9 million as of June 30, 2022, and $67.2 million 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 and Adjusted Net Income (Loss) which are non-GAAP metrics that exclude 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 July 27, 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 (2Q23 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 (@jakkstoys), Twitter (@jakkstoys) and Facebook (@jakkstoys).

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 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)
 
June 30, December 31,

 

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

 

Goodwill

 

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, $.001 par value

 

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

)

Total JAKKS Pacific, Inc. stockholders' equity

 

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)
June 30,
Key Balance Sheet Data:

 

2023

 

 

2022

 

 
Accounts receivable days sales outstanding (DSO)

 

72

 

 

68

 

Inventory turnover (DSI)

 

51

 

 

71

 

 
Six Months Ended

June 30,
 
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

)

 
JAKKS Pacific, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
 
Three Months Ended June 30, Six Months Ended June 30,
 

 

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 JAKKS Pacific, Inc.

$

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 June 30, Six Months Ended June 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

 

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 JAKKS Pacific, Inc.

 

3.9

%

 

12.0

%

 

0.5

%

 

6.7

%

Net income attributable to common stockholders

 

3.6

%

 

11.9

%

 

0.1

%

 

6.5

%

 

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 June 30,

Six Months Ended June 30,

 

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 (JAKKS Pacific, Inc. - 51%)

 

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

June 30,
 

 

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 (JAKKS Pacific, Inc. - 51%)

 

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 June 30, Six Months Ended June 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

$

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 (JAKKS Pacific, Inc. - 51%)

 

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

 

 

JAKKS Pacific, Inc. and Subsidiaries

Net Sales by Division and Geographic Region
 
 
(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
United States

$

136,187

$

192,484

$

95,265

-29.2

%

102.1

%

United States

$

216,630

$

289,534

$

164,181

-25.2

%

76.4

%

Europe

 

16,638

 

14,447

 

9,930

15.2

%

45.5

%

Europe

 

26,800

 

27,836

 

17,267

-3.7

%

61.2

%

Latin America

 

3,067

 

3,823

 

1,165

-19.8

%

228.2

%

Latin America

 

12,271

 

6,208

 

3,620

97.7

%

71.5

%

Canada

 

6,799

 

5,537

 

2,208

22.8

%

150.8

%

Canada

 

10,853

 

8,916

 

4,309

21.7

%

106.9

%

Asia

 

1,831

 

2,363

 

2,164

-22.5

%

9.2

%

Asia

 

3,211

 

4,439

 

3,579

-27.7

%

24.0

%

Australia & New Zealand

 

1,756

 

1,582

 

1,249

11.0

%

26.7

%

Australia & New Zealand

 

3,364

 

3,073

 

2,437

9.5

%

26.1

%

Middle East & Africa

 

655

 

186

 

371

252.2

%

-49.9

%

Middle East & Africa

 

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
North America

$

142,986

$

198,021

$

97,473

-27.8

%

103.2

%

North America

$

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

%

 
 

 

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