JAKKS Pacific Reports Fourth Quarter and Full-Year 2022 Financial Results

Rhea-AI Summary

JAKKS Pacific, Inc. (JAKK) announced its Q4 and full-year 2022 financial results, showing a 30% decrease in Q4 net sales at $131.9 million, impacted by early customer orders and previous high demand. However, the company achieved 28% annual sales growth totaling $796.2 million, with North America up 27%.

Net income for Q4 was $38.9 million, a turnaround from a loss in Q4 2021. Adjusted EBITDA for 2022 increased 55% to $76.4 million. Long-term debt saw a 55% reduction year-over-year, supported by a cash flow sweep provision. The company is optimistic about 2023 with plans for new product launches and improved inventory management.

Positive

• Second consecutive year of over 20% sales growth.
• Full-year 2022 net sales increased 28% to $796.2 million.
• Net income attributable to common stockholders rose to $91.3 million in 2022, compared to a loss in 2021.
• Adjusted EBITDA for 2022 grew 55% to $76.4 million, highest since 2010.
• Long-term debt reduced by 55% year-over-year.

Negative

• Q4 2022 net sales decreased 30% compared to Q4 2021.
• Gross margin decreased from 29.5% to 26.5% year-over-year.
• Adjusted net loss of $14.0 million for Q4 2022, compared to adjusted net income in Q4 2021.

Second Consecutive Year of 20+% Sales Growth

Long-term Debt Reduced 55% Year-over-year

SANTA MONICA, Calif.--(BUSINESS WIRE)-- JAKKS Pacific, Inc. [NASDAQ: JAKK] today reported financial results for the fourth quarter ended December 31, 2022.

Fourth Quarter 2022

• Net sales were $131.9 million compared to $188.0 million last year; a 30% decrease
• Gross margin of 21.7%, negatively impacted by lower capitalization of warehouse costs, higher tooling amortization, obsolete inventory and royalty expense, offset by lower inbound freight expenses
• A valuation allowance release against a deferred tax asset generated a $52.6 million non-cash gain
• Net income attributable to common stockholders of $38.9 million, up from a net loss attributable to common stockholders of $3.5 million in Q4 2021
• Adjusted net loss attributable to common stockholders of $14.0 million, down from adjusted net income attributable to common stockholders of $1.3 million in Q4 2021
• Adjusted EBITDA of $(12.1) million, down from $5.0 million in Q4 2021.

Full-Year 2022

• Net sales were $796.2 million compared to $621.1 million last year; a 28% increase
• Gross margin of 26.5% compared to 29.5% last year
• Operating income of $61.0 million compared to $38.8 million last year; a 57% increase
• Net income attributable to common stockholders of $91.3 million, up from a net loss attributable to common stockholders of $7.3 million in 2021
• Adjusted EBITDA of $76.4 million up 55% versus $49.2 million in 2021
• Adjusted net income attributable to common stockholders of $43.4 million ($4.28 per diluted share), up from adjusted net income attributable to common stockholders of $23.6 million ($2.59 per diluted share) in 2021
• Cash flows provided by operating activities of $86.1 million, compared to cash flows used in operating activities of $5.9 million in 2021
  • Cash flow sweep loan provision will reduce debt by $23.1 million in Q1 2023

Management Commentary

“2022 exceeded our expectations with a second consecutive year of 20+% sales growth and, more importantly, strong retail sell-through for our customers,” said Stephen Berman, JAKKS Pacific’s Chairman and CEO. “In addition to a couple of strong successes, we saw solid results from the majority of our product lines. We shipped an exceptional amount of product in a compressed time-window resulting in higher-than-average costs in our domestic fulfilment operations in the back half of the year, suppressing our full-year margins. In Q4, and in the new year, we focused on resetting our inventory position and warehouse capacity and feel well-positioned for the new year. Our North American business grew 27% on a full-year basis, and our International business grew by 38%.

“We have a great line-up of new introductions in 2023. We’re launching and extending some of our own brands, in addition to introducing new product lines in association with film and TV releases throughout the year. Although we anticipate the business reverting to its more traditional second-half seasonality, our focus on prioritizing FOB sales continues, which results in shipments earlier in the year as compared with other companies. We are also working diligently to capture year-over-year margin improvement opportunities both on product and in the supply-chain.”

Fourth Quarter and Full-Year Results

Net sales for the fourth quarter 2022 were $131.9 million, down 30% versus $188.0 million last year. The decrease was anticipated given customers ordering product earlier than the traditional seasonality, in addition to a late shipment in Q3 2021 creating an atypically high Q4 2021 sales level. Net sales in the Toys/Consumer Products segment were down 34% globally, 34% in North America and 35% in International. For the full year, North America Toys/Consumer Products was up 26% and International was up 28%. Net sales in the Costumes segment increased 61% compared to Q4 2021 and were up 38% for the full year. Our Top 10 markets all achieved sales growth year-over-year.

A release of a deferred tax asset valuation allowance created a non-cash gain of $52.6 million in the quarter. Net income attributable to common stockholders increased to $38.9 million, or $3.79 per diluted share, compared to a net loss attributable to common stockholders of $3.5 million, or $0.37 per diluted share for the fourth quarter of 2021. Adjusting out the gain on the valuation allowance and other customary adjustments led to an adjusted net loss attributable to common stockholders (a non-GAAP measure) of $14.0 million, or $1.44 per diluted share in the fourth quarter of 2022 versus adjusted net income attributable to common stockholders of $1.3 million or $0.14 per diluted share in the fourth quarter of 2021. On a full-year basis, net income attributable to common stockholders improved to $91.3 million versus a net loss attributable to common stockholders of $7.3 million in 2021. Full-year adjusted net income attributable to common stockholders was $43.4 million, or $4.28 per diluted share, compared to a 2021 adjusted net income attributable to common stockholders of $23.6 million, or $2.59 per diluted share. See note below on “Use of Non-GAAP Financial Information.”

Adjusted EBITDA (a non-GAAP measure) for full-year 2022 grew to $76.4 million (9.6% of net sales), the highest full-year level of Adjusted EBITDA dollars and margin since 2010.

Cash and Cash Equivalents; Debt

The Company’s cash and cash equivalents (including restricted cash) totaled $85.5 million as of December 31, 2022, compared to $45.3 million as of December 31, 2021. The cash flow sweep provision of the Company’s Term Loan triggers a mandatory paydown of $23.1 million based on full-year results. That amount is now reclassified to short-term debt on the 12/31/2022 balance sheet, in addition to this year’s scheduled principal amortization. Separately, in January 2023, the company used a portion of its cash-on-hand to make an optional pay-down of its long-term debt of $15 million, incurring $150K in pre-payment penalties. As we have made the sweep payment upon finalizing our financials, the current payoff balance of our Term Loan is $30.8 million. Cash and cash equivalents (including restricted cash) total $40.2 million as of March 3, 2023. The company currently has no draw on its asset-based loan.

Use of Non-GAAP Financial Information

In addition to the preliminary results reported in accordance with U.S. GAAP included in this release, the Company has provided certain non-GAAP financial information including Adjusted earnings per share and Adjusted EBITDA which are non-GAAP metrics that exclude various items that are detailed in the financial tables and accompanying footnotes reconciling GAAP to non-GAAP results contained in this release. Management believes that the presentation of these non-GAAP financial measures provides useful information to investors because the information may allow investors to better evaluate ongoing business performance and certain components of the Company’s results. In addition, the Company believes that the presentation of these financial measures enhances an investor’s ability to make period-to-period comparisons of the Company’s operating results. This information should be considered in addition to the results presented in accordance with GAAP and should not be considered a substitute for the GAAP results. The Company has reconciled the non-GAAP financial information included in this release to the nearest GAAP measures. See the attached “Reconciliation of Non-GAAP Financial Information.” “Liquidity” is calculated as cash and cash equivalents, including restricted cash, plus availability under the Company’s $67.5 million revolving credit facility.

Conference Call Live Webcast

JAKKS Pacific, Inc. invites analysts, investors and media to listen to the teleconference scheduled for 5:00 p.m. ET / 2:00 p.m. PT on March 9, 2023. A live webcast of the call will be available on the “Investor Relations” page of the Company’s website at www.jakks.com/investors. To access the call by phone, please go to this link (Registration Link), and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at (www.jakks.com/investors).

About JAKKS Pacific, Inc.

JAKKS Pacific, Inc. is a leading designer, manufacturer and marketer of toys and consumer products sold throughout the world, with its headquarters in Santa Monica, California. JAKKS Pacific’s popular proprietary brands include Perfectly Cute™, Ami-Amis™, ReDo™ Skateboard Co, AirTitans®, Disguise®, JAKKS Wild Games™, Moose Mountain®, Maui®, SportsZone™, Fly Wheels™, Kids Only!®; a wide range of entertainment-inspired products featuring premier licensed properties; and C’est Moi™, a new generation of clean beauty. Through JAKKS Cares, the company’s commitment to philanthropy, JAKKS is helping to make a positive impact on the lives of children. Visit us at www.jakks.com and follow us on Instagram (@jakkstoys), Twitter (@jakkstoys) and Facebook (JAKKS Pacific).

Forward-Looking Statements

This press release may contain “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations, estimates and projections about JAKKS Pacific's business based partly on assumptions made by its management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements due to numerous factors, including, but not limited to, those described above, changes in demand for JAKKS Pacific's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, or that any future transactions will result in future growth or success of JAKKS. The “forward-looking statements” contained herein speak only as of the date on which they are made, and JAKKS undertakes no obligation to update any of them to reflect events or circumstances after the date of this release.

JAKKS Pacific, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
		December 31,
		2022				2021
		(In thousands)
Assets
Current assets:
Cash and cash equivalents		$	85,297			$	44,521
Restricted cash			193				811
Accounts receivable, net			102,771				147,394
Inventory			80,619				83,954
Prepaid expenses and other assets			6,331				10,877
Total current assets			275,211				287,557
Property and equipment			130,437				121,945
Less accumulated depreciation and amortization			115,575				108,796
Property and equipment, net			14,862				13,149
Operating lease right-of-use assets, net			19,913				16,950
Deferred income tax assets, net			51,762				-
Goodwill			35,083				35,083
Intangibles and other assets, net			2,469				4,308
Total assets		$	399,300			$	357,047
Liabilities, Preferred Stock and Stockholders' Equity
Current liabilities:
Accounts payable		$	33,687			$	50,237
Accounts payable - Meisheng (related party)			9,820				15,894
Accrued expenses			37,999				47,071
Reserve for sales returns and allowances			51,877				46,285
Income taxes payable			3,648				1,004
Short term operating lease liabilities			10,746				10,477
Short term debt, net			25,529				2,104
Total current liabilities			173,306				173,072
Long term operating lease liabilities			9,863				8,039
Debt, non-current portion, net			41,622				93,415
Preferred stock derivative liability			21,918				21,282
Income taxes payable			114				215
Deferred income tax liabilities, net			-				51
Total liabilities			246,823				296,074
Preferred stock accrued dividends			4,490				3,074
Stockholders' equity:
Common stock, $.001 par value			10				10
Additional paid-in capital			275,187				272,941
Accumulated deficit			(110,729	)			(203,431	)
Accumulated other comprehensive loss			(17,482	)			(12,952	)
Total JAKKS Pacific, Inc. stockholders' equity			146,986				56,568
Non-controlling interests			1,001				1,331
Total stockholders' equity			147,987				57,899
Total liabilities, preferred stock and stockholders' equity		$	399,300			$	357,047
Supplemental Balance Sheet and Cash Flow Data (Unaudited)
		December 31,
Key Balance Sheet Data:		2022				2021
Accounts receivable days sales outstanding (DSO)			72				72
Inventory turnover (DSI)			72				56
		Twelve Months Ended December 31,
Condensed Cash Flow Data:		2022				2021
		(In thousands)
Cash flows provided by (used in) operating activities		$	86,098			$	(5,879	)
Cash flows used in investing activities			(10,387	)			(8,189	)
Cash flows used in financing activities and other			(35,554	)			(33,293	)
Increase/(decrease) in cash, cash equivalents and restricted cash		$	40,157			$	(47,361	)
Capital expenditures		$	(10,389	)		$	(8,221	)

JAKKS Pacific, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
		Three Months Ended December 31,											Twelve Months Ended December 31,
		2022				2021				Δ (%)			2022				2021				Δ (%)
		(In thousands, except per share data)											(In thousands, except per share data)
Net sales		$	131,886			$	187,964			(30	)%		$	796,187			$	621,116			28	%
Less: Cost of sales
Cost of goods			81,355				111,497			(27	)			449,597				343,130			31
Royalty expense			20,371				25,641			(21	)			126,633				87,187			45
Amortization of tools and molds			1,592				784			103				8,671				7,842			11
Cost of sales			103,318				137,922			(25	)			584,901				438,159			33
Gross profit			28,568				50,042			(43	)			211,286				182,957			15
Direct selling expenses			13,153				19,252			(32	)			33,290				43,069			(23	)
General and administrative expenses			30,752				27,262			13				114,819				98,712			16
Depreciation and amortization			360				602			(40	)			1,907				2,409			(21	)
Selling, general and administrative expenses			44,265				47,116			(6	)			150,016				144,190			4
Intangibles impairment			-				-			-				300				-			nm
Income (loss) from operations			(15,697	)			2,926			nm				60,970				38,767			57
Other income (expense):
Other income (expense), net			277				190			46				797				446			79
Change in fair value of convertible senior notes			-				76			nm				-				(16,419	)		nm
Change in fair value of preferred stock derivative liability			1,429				(4,207	)		nm				(636	)			(13,220	)		(95	)
Gain on loan forgiveness			-				-			-				-				6,206			nm
Loss on debt extinguishment			-				-			-				-				(7,351	)		nm
Interest income			63				3			nm				127				13			nm
Interest expense			(2,294	)			(2,201	)		4				(11,183	)			(14,104	)		(21	)
Income (loss) before provision for (benefit from) income taxes			(16,222	)			(3,213	)		405				50,075				(5,662	)		nm
Provision for (benefit from) income taxes			(55,620	)			(60	)		nm				(42,297	)			226			nm
Net income (loss)			39,398				(3,153	)		nm				92,372				(5,888	)		nm
Net income (loss) attributable to non-controlling interests			140				19			nm				(330	)			120			nm
Net income (loss) attributable to JAKKS Pacific, Inc.		$	39,258			$	(3,172	)		nm	%		$	92,702			$	(6,008	)		nm	%
Net income (loss) attributable to common stockholders		$	38,896			$	(3,513	)		nm	%		$	91,286			$	(7,342	)		nm	%
Earnings (loss) per share - basic		$	4.00			$	(0.37	)					$	9.46			$	(0.98	)
Shares used in earnings (loss) per share - basic			9,732				9,511							9,651				7,498
Earnings (loss) per share - diluted		$	3.79			$	(0.37	)					$	8.99			$	(0.98	)
Shares used in earnings (loss) per share - diluted			10,263				9,511							10,155				7,498
		Three Months Ended December 31,											Twelve Months Ended December 31,
		2022				2021				Δ bps			2022				2021				Δ bps
										Fav/(Unfav)											Fav/(Unfav)
Net sales			100.0	%			100.0	%		-				100.0	%			100.0	%		-
Less: Cost of sales
Cost of goods			61.7				59.3			(240	)			56.5				55.2			(130	)
Royalty expense			15.4				13.6			(180	)			15.9				14.0			(190	)
Amortization of tools and molds			1.2				0.5			(70	)			1.1				1.3			20
Cost of sales			78.3				73.4			(490	)			73.5				70.5			(300	)
Gross profit			21.7				26.6			(490	)			26.5				29.5			(300	)
Direct selling expenses			10.0				10.2			20				4.2				6.9			270
General and administrative expenses			23.3				14.5			(880	)			14.4				15.9			150
Depreciation and amortization			0.3				0.3			-				0.2				0.4			20
Selling, general and administrative expenses			33.6				25.0			(860	)			18.8				23.2			440
Intangibles impairment			-				-			-				-				-			-
Income (loss) from operations			(11.9	)			1.6			(1,350	)			7.7				6.3			140
Other income (expense):
Other income (expense), net			0.2				0.1							0.1				-
Change in fair value of convertible senior notes			-				-							-				(2.6	)
Change in fair value of preferred stock derivative liability			1.1				(2.2	)						(0.1	)			(2.1	)
Gain on loan forgiveness			-				-							-				1.0
Loss on debt extinguishment			-				-							-				(1.2	)
Interest income			-				-							-				-
Interest expense			(1.7	)			(1.2	)						(1.4	)			(2.3	)
Income (loss) before provision for (benefit from) income taxes			(12.3	)			(1.7	)						6.3				(0.9	)
Provision for (benefit from) income taxes			(42.2	)			-							(5.3	)			-
Net income (loss)			29.9				(1.7	)						11.6				(0.9	)
Net income (loss) attributable to non-controlling interests			0.1				-							-				-
Net income (loss) attributable to JAKKS Pacific, Inc.			29.8	%			(1.7	)%						11.6	%			(0.9	)%
Net income (loss) attributable to common stockholders			29.5	%			(1.9	)%						11.5	%			(1.2	)%

JAKKS Pacific, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Information (Unaudited)
Reconciliation of GAAP to Non-GAAP measures:
This press release and accompanying schedules provide certain information regarding Adjusted EBITDA and Adjusted Net Income (Loss), which may be considered non-GAAP financial measures under the rules of the Securities and Exchange Commission. The non-GAAP financial measures included in the press release are reconciled to the corresponding GAAP financial measures below, as required under the rules of the Securities and Exchange Commission regarding the use of non-GAAP financial measures. We define Adjusted EBITDA as income (loss) from operations before depreciation, amortization and adjusted for certain non-recurring and non-cash charges, such as reorganization expenses and restricted stock compensation expense. Net income (loss) is similarly adjusted and tax-effected to arrive at Adjusted Net Income (Loss). Adjusted EBITDA and Adjusted Net Income (Loss) are not recognized financial measures under GAAP, but we believe that they are useful in measuring our operating performance. We believe that the use of the non-GAAP financial measures enhances an overall understanding of the Company’s past financial performance, and provides useful information to the investor by comparing our performance across reporting periods on a consistent basis.
Investors should not consider these measures in isolation or as a substitute for net income, operating income, or any other measure for determining the Company’s operating performance that is calculated in accordance with GAAP. In addition, because these measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies.
		Three Months Ended December 31,												Twelve Months Ended December 31,
		2022				2021				Δ ($)				2022				2021				Δ ($)
		(In thousands)												(In thousands)
EBITDA and Adjusted EBITDA
Net income (loss)		$	39,398			$	(3,153	)		$	42,551			$	92,372			$	(5,888	)		$	98,260
Interest expense			2,294				2,201				93				11,183				14,104				(2,921	)
Interest income			(63	)			(3	)			(60	)			(127	)			(13	)			(114	)
Provision for (benefit from) income taxes			(55,620	)			(60	)			(55,560	)			(42,297	)			226				(42,523	)
Depreciation and amortization			1,952				1,386				566				10,578				10,251				327
EBITDA			(12,039	)			371				(12,410	)			71,709				18,680				53,029
Adjustments:
Other (income) expense, net			(277	)			(190	)			(87	)			(797	)			(446	)			(351	)
Restricted stock compensation expense			1,646				713				933				5,082				2,093				2,989
Change in fair value of preferred stock derivative liability			(1,429	)			4,207				(5,636	)			636				13,220				(12,584	)
Change in fair value of convertible senior notes			-				(76	)			76				-				16,419				(16,419	)
Employee Retention Credit/gov't employment support			-				-				-				(249	)			(1,900	)			1,651
Gain on loan forgiveness			-				-				-				-				(6,206	)			6,206
Loss on debt extinguishment			-				-				-				-				7,351				(7,351	)
Adjusted EBITDA		$	(12,099	)		$	5,025			$	(17,124	)		$	76,381			$	49,211			$	27,170
Adjusted EBITDA/Net sales %			(9.2	)%			2.7	%			-1190 bps				9.6	%			7.9	%			170 bps
		Three Months Ended December 31,												Twelve Months Ended December 31,
		2022				2021				Δ ($)				2022				2021				Δ ($)
		(In thousands, except per share data)												(In thousands, except per share data)
Adjusted net income (loss) attributable to common stockholders
Net income (loss) attributable to common stockholders		$	38,896			$	(3,513	)		$	42,409			$	91,286			$	(7,342	)		$	98,628
Restricted stock compensation expense			1,646				713				933				5,082				2,093				2,989
Change in fair value of preferred stock derivative liability			(1,429	)			4,207				(5,636	)			636				13,220				(12,584	)
Change in fair value of convertible senior notes			-				(76	)			76				-				16,419				(16,419	)
Loss on debt extinguishment			-				-				-				-				7,351				(7,351	)
Gain on loan forgiveness			-				-				-				-				(6,206	)			6,206
Employee Retention Credit/gov't employment support			-				-				-				(249	)			(1,900	)			1,651
2021 BSP Term Loan prepayment penalty			-				-				-				525				-				525
Valuation allowance release			(52,644	)			-				(52,644	)			(52,644	)			-				(52,644	)
Tax impact of additional charges			(511	)			-				(511	)			(1,208	)			-				(1,208	)
Adjusted net income (loss) attributable to common stockholders		$	(14,042	)		$	1,331			$	(15,373	)		$	43,428			$	23,635			$	19,793
Adjusted earnings (loss) per share - basic		$	(1.44	)		$	0.14			$	(1.58	)		$	4.50			$	3.15			$	1.35
Shares used in adjusted earnings (loss) per share - basic			9,732				9,511				221				9,651				7,498				2,153
Adjusted earnings (loss) per share - diluted		$	(1.44	)		$	0.14			$	(1.58	)		$	4.28			$	2.59			$	1.69
Shares used in adjusted earnings (loss) per share - diluted			9,732				9,762				(30	)			10,155				9,365				790

JAKKS Pacific, Inc. and Subsidiaries
Net Sales by Division and Geographic Region
(In thousands)	QTD Q4								(In thousands)	FY 2022
Divisions	2022		2021		2020	% Change 2022 v 2021	% Change 2021 v 2020		Divisions	2022		2021		2020	% Change 2022 v 2021	% Change 2021 v 2020
Toys/Consumer Products	$117,727		$179,152		$121,034	-34.3%	48.0%		Toys/Consumer Products	$647,317		$513,517		$427,122	26.1%	20.2%
Dolls, Role-Play/Dress Up	68,937		116,877		72,970	-41.0%	60.2%		Dolls, Role-Play/Dress Up	423,581		323,360		275,154	31.0%	17.5%
Action Play & Collectibles	38,909		41,164		26,609	-5.5%	54.7%		Action Play & Collectibles	173,529		114,778		80,560	51.2%	42.5%
Outdoor/Seasonal Toys	9,881		21,111		21,455	-53.2%	-1.6%		Outdoor/Seasonal Toys	50,207		75,379		71,408	-33.4%	5.6%
Costumes	14,159		8,812		7,233	60.7%	21.8%		Costumes	148,870		107,599		88,750	38.4%	21.2%
Total	$131,886		$187,964		$128,267	-29.8%	46.5%		Total	$796,187		$621,116		$515,872	28.2%	20.4%
(In thousands)	QTD Q4								(In thousands)	FY 2022
Regions	2022		2021		2020	% Change 2022 v 2021	% Change 2021 v 2020		Regions	2022		2021		2020	% Change 2022 v 2021	% Change 2021 v 2020
United States	$100,907		$148,876		$100,224	-32.2%	48.5%		United States	$644,295		$512,193		$421,222	25.8%	21.6%
Europe	19,437		22,322		17,461	-12.9%	27.8%		Europe	85,348		60,425		51,885	41.2%	16.5%
Canada	4,795		5,596		3,931	-14.3%	42.4%		Canada	26,515		17,999		18,486	47.3%	-2.6%
Latin America	2,626		4,483		1,148	-41.4%	290.5%		Latin America	18,338		12,606		7,734	45.5%	63.0%
Asia	1,698		3,018		2,309	-43.7%	30.7%		Asia	10,431		9,232		8,285	13.0%	11.4%
Australia & New Zealand	1,822		2,496		1,526	-27.0%	63.6%		Australia & New Zealand	8,836		6,423		5,795	37.6%	10.8%
Middle East & Africa	601		1,173		1,668	-48.8%	-29.7%		Middle East & Africa	2,424		2,238		2,465	8.3%	-9.2%
Total	$131,886		$187,964		$128,267	-29.8%	46.5%		Total	$796,187		$621,116		$515,872	28.2%	20.4%
(In thousands)	QTD Q4								(In thousands)	FY 2022
Regions	2022		2021		2020	% Change 2022 v 2021	% Change 2021 v 2020		Regions	2022		2021		2020	% Change 2022 v 2021	% Change 2021 v 2020
North America	$105,702		$154,472		$104,155	-31.6%	48.3%		North America	$670,810		$530,192		$439,708	26.5%	20.6%
International	26,184		33,492		24,112	-21.8%	38.9%		International	125,377		90,924		76,164	37.9%	19.4%
Total	$131,886		$187,964		$128,267	-29.8%	46.5%		Total	$796,187		$621,116		$515,872	28.2%	20.4%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230309005694/en/

JAKKS Pacific Investor Relations

(424) 268-9567

Lucas Natalini

investors@jakks.net

Source: JAKKS Pacific, Inc.

FAQ

What were JAKKS Pacific's Q4 2022 sales results?

JAKKS Pacific reported a 30% decrease in Q4 2022 net sales, totaling $131.9 million.

How did JAKKS Pacific perform in full-year 2022?

For full-year 2022, JAKKS Pacific achieved a 28% increase in net sales, totaling $796.2 million.

What was JAKKS Pacific's net income for Q4 2022?

The net income attributable to common stockholders for Q4 2022 was $38.9 million, a significant improvement from a loss in Q4 2021.

What is the adjusted EBITDA for JAKKS Pacific in 2022?

Adjusted EBITDA for JAKKS Pacific in 2022 increased by 55% to $76.4 million.

How much did JAKKS Pacific reduce its long-term debt?

JAKKS Pacific reduced its long-term debt by 55% year-over-year.