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Jun 30, 2022
Funko Q2 2022 Earnings Report
Reported record second quarter net sales driven by broad-based strength across brands, channels, and geographies.
Key Takeaways
Funko reported a record second quarter with net sales of $315.7 million, a 33.7% increase year-over-year. This growth was driven by broad-based strength across all geographies and brand categories. However, net income declined by 24.6% to $15.8 million, and adjusted EBITDA decreased by 22.7% to $31.8 million.
Net sales increased 33.7% year-over-year to $315.7 million.
Net income declined 24.6% year-over-year to $15.8 million.
Loungefly brand recorded net sales of $70.0 million, a 114% year-over-year increase.
Direct-to-consumer sales grew 26% year-over-year.
Funko
Funko
Funko Revenue by Segment
Funko Revenue by Geographic Location
Revenue by Segment
Core Collectible Revenue
CapyFin.comLoungefly Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comEurope Revenue
CapyFin.comOther International Revenue
CapyFin.com Forward Guidance
Funko expects net sales of $1.30 to $1.35 billion (+26% to +31% y/y), Adjusted EBITDA margin of approximately 14.6%, Adjusted Net Income of $101.8 million to $107.3 million, and Adjusted Earnings per Diluted Share of $1.88 to $1.99 for the full year 2022.
Positive Outlook
- Net sales of $1.30 to $1.35 billion (+26% to +31% y/y)
- Adjusted EBITDA margin of approximately 14.6% at the midpoint of our revenue range
- Adjusted Net Income of $101.8 million to $107.3 million, based on a blended tax rate of 25%
- Adjusted Earnings per Diluted Share of $1.88 to $1.99, based on estimated adjusted average diluted shares outstanding of 54.1 million for the full year.
- Based on the current demand environment and assuming the Company doesn't experience a deepening of supply chain congestion
Challenges Ahead
- Company doesn't experience a deepening of supply chain congestion
Revenue & Expenses
Visualization of income flow from segment revenue to net income