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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.
Revenue by Segment
Revenue by Geographic Location
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.
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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