Funko Q1 2021 Earnings Report
Key Takeaways
Funko reported a record first quarter with net sales up 38% to $189.2 million. The increase reflects broad-based strength across geographies, products and channels. Improved consumer demand in the U.S. and Europe contributed to broad-based strength within brands, products and distribution channels, leading to a record first quarter.
Net sales increased 38% to $189.2 million.
Gross margin expanded 100 basis points to 41.4%.
Net income increased $16.8 million to $11.1 million.
Adjusted EBITDA margin expanded 790 basis points to 15.7%.
Funko
Funko
Funko Revenue by Segment
Funko Revenue by Geographic Location
Forward Guidance
The Company expects net sales growth of 33% to 38%, Adjusted EBITDA margin of 14.0% to 14.5%, Adjusted Net Income of $52.5 million to $59.6 million, and Adjusted Earnings per Diluted Share of $0.98 to $1.12 for the full year 2021.
Positive Outlook
- Net sales growth of 33% to 38%
- Adjusted EBITDA margin of 14.0% to 14.5%
- Adjusted Net Income of $52.5 million to $59.6 million
- Adjusted Earnings per Diluted Share of $0.98 to $1.12
- Based on estimated adjusted average diluted shares outstanding of 53.3 million for the full year.