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Dec 31, 2021
Funko Q4 2021 Earnings Report
Funko's Q4 2021 earnings exceeded expectations, driven by strong sales growth across all segments and geographies.
Key Takeaways
Funko reported a strong fourth quarter in 2021, with net sales increasing by 48% to $336.3 million. Net income increased 17% to $17.4 million, and adjusted EBITDA increased 17% to $38.9 million. The company achieved over $1 billion in annual sales for the full fiscal year.
Net sales increased 48% year-over-year to $336.3 million.
Net income increased 17% to $17.4 million.
Figures revenue grew 50% year-over-year to $255.1 million.
U.S. net sales increased 47% year-over-year to $252.9 million.
Funko
Funko
Funko Revenue by Segment
Funko Revenue by Geographic Location
Revenue by Segment
Core Collectible Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comEurope Revenue
CapyFin.comOther International Revenue
CapyFin.com Forward Guidance
The Company expects net sales growth of 20% to 25% for the full fiscal year 2022, with adjusted EPS of $1.75 to $1.91.
Positive Outlook
- Net sales growth of 20% to 25%.
- Q1'22 net sales in the mid-40% range.
- Adjusted EBITDA margin in the range of FY2021.
- Adjusted Net Income of $95.8 million to $104.8 million.
- Adjusted Earnings per Diluted Share of $1.75 per to $1.91.
Challenges Ahead
- Ongoing trans-ocean freight inflation.
- Approximately 80 bps of headwind from one-time project spend associated with the consolidation and relocation of our U.S.-based distribution center and the implementation of our new ERP system.
- Freight rates will remain elevated at least through the first half of the year.
- Gross margins to face a similar headwind to the second half of 2021.
- SG&A as a percent of sales is also expected to be slightly higher in the first half of the year due to the timing of project costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income