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Mar 31, 2022
Funko Q1 2022 Earnings Report
Reported record first-quarter net sales and raised full-year net sales and adjusted EPS guidance.
Key Takeaways
Funko reported a strong first quarter in 2022, with net sales increasing by 63.0% year-over-year to $308.3 million and net income growing by 31.0% year-over-year to $14.5 million. The company's performance was driven by sustained demand from Funko fans and strength across geographies, brands, and channels. Funko also raised its full-year net sales and adjusted EPS guidance.
Net sales increased 63.0% year-over-year to $308.3 million.
Net income grew 31.0% year-over-year to $14.5 million.
U.S. net sales increased 70.1% year-over-year to $232.2 million, Europe net sales increased 43.5% year-over-year to $57.1 million.
Loungefly net sales increased 103.5% year-over-year to $50.1 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company expects net sales of $1.275 to $1.325 billion (24% to 29% y/y); Adjusted EBITDA margin of approximately 14.6% at the midpoint of our revenue range; Adjusted Net Income of $98.6 million to $103.8 million, based on a blended tax rate of 25%; and Adjusted Earnings per Diluted Share of $1.80 to $1.90, based on estimated adjusted average diluted shares outstanding of 54.6 million for the full year.
Positive Outlook
- Net sales of $1.275 to $1.325 billion (24% to 29% y/y)
- Adjusted EBITDA margin of approximately 14.6% at the midpoint of our revenue range.
- Adjusted Net Income of $98.6 million to $103.8 million, based on a blended tax rate of 25%
- Adjusted Earnings per Diluted Share of $1.80 to $1.90, based on estimated adjusted average diluted shares outstanding of 54.6 million for the full year.
- Gross margin lower sequentially, as we continue to face inflationary freight pressure
Challenges Ahead
- Ongoing trans-ocean freight inflation
- 80 bps of headwind from one-time project spend associated with the consolidation and relocation of our U.S.-based distribution center
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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