JAKKS Pacific Reports Fourth Quarter and Full-Year 2024 Financial Results
JAKKS Pacific (NASDAQ: JAKK) reported Q4 2024 financial results with net sales of $130.7M, up 3% year-over-year. The company saw mixed performance across segments, with Costumes sales rising 46% to $12.5M while Toys/Consumer Products declined 1% to $118.2M.
For full-year 2024, net sales decreased 3% to $691.0M, with gross margin at 30.8%. Operating income declined 33% to $39.7M, and net income attributable to stockholders was $35.3M. The company maintained a strong cash position of $70.1M despite using $20M to eliminate preferred stock.
Notably, the Board approved initiation of a quarterly cash dividend of $0.25 per share, payable March 31, 2025. The company achieved over 75% FOB business globally in 2024 and saw improved Q4 retail performance with mid-single-digit POS growth at its three largest US accounts.
JAKKS Pacific (NASDAQ: JAKK) ha riportato i risultati finanziari del quarto trimestre del 2024 con vendite nette di $130,7 milioni, in aumento del 3% rispetto all'anno precedente. L'azienda ha registrato performance miste tra i vari segmenti, con le vendite di Costumi in crescita del 46% a $12,5 milioni, mentre le vendite di Giocattoli/Prodotti per Consumatori sono diminuite dell'1% a $118,2 milioni.
Per l'intero anno 2024, le vendite nette sono diminuite del 3% a $691,0 milioni, con un margine lordo del 30,8%. L'utile operativo è diminuito del 33% a $39,7 milioni, e l'utile netto attribuibile agli azionisti è stato di $35,3 milioni. L'azienda ha mantenuto una solida posizione di liquidità di $70,1 milioni, nonostante abbia utilizzato $20 milioni per eliminare azioni privilegiate.
È importante notare che il Consiglio ha approvato l'inizio di un dividendo in contante trimestrale di $0,25 per azione, pagabile il 31 marzo 2025. L'azienda ha raggiunto oltre il 75% di affari FOB a livello globale nel 2024 e ha registrato un miglioramento delle performance al dettaglio nel quarto trimestre con una crescita dei punti vendita a singola cifra media nei suoi tre maggiori clienti statunitensi.
JAKKS Pacific (NASDAQ: JAKK) reportó los resultados financieros del cuarto trimestre de 2024 con ventas netas de $130.7 millones, un aumento del 3% en comparación con el año anterior. La compañía mostró un desempeño mixto entre los segmentos, con las ventas de Disfraces aumentando un 46% a $12.5 millones, mientras que las ventas de Juguetes/Productos de Consumo cayeron un 1% a $118.2 millones.
Para el año completo 2024, las ventas netas disminuyeron un 3% a $691.0 millones, con un margen bruto del 30.8%. El ingreso operativo disminuyó un 33% a $39.7 millones, y el ingreso neto atribuible a los accionistas fue de $35.3 millones. La compañía mantuvo una sólida posición de efectivo de $70.1 millones a pesar de haber utilizado $20 millones para eliminar acciones preferentes.
Notablemente, la Junta aprobó el inicio de un dividendo en efectivo trimestral de $0.25 por acción, pagadero el 31 de marzo de 2025. La compañía logró más del 75% de negocios FOB a nivel global en 2024 y vio una mejora en el desempeño minorista del cuarto trimestre con un crecimiento de puntos de venta de un solo dígito medio en sus tres principales cuentas en EE. UU.
JAKKS Pacific (NASDAQ: JAKK)는 2024년 4분기 재무 결과를 발표하며 순매출이 1억 3,070만 달러로 전년 대비 3% 증가했다고 보고했습니다. 이 회사는 부문별로 엇갈린 성과를 보였으며, 의상 판매는 46% 증가하여 1,250만 달러에 달했고, 장난감/소비자 제품 판매는 1% 감소하여 1억 1,820만 달러로 나타났습니다.
2024년 전체 연도 동안 순매출은 3% 감소하여 6억 9,100만 달러에 이르렀으며, 총 마진은 30.8%였습니다. 운영 소득은 33% 감소하여 3,970만 달러에 이르렀고, 주주에게 귀속된 순이익은 3,530만 달러였습니다. 이 회사는 우선주를 없애기 위해 2,000만 달러를 사용했음에도 불구하고 7,010만 달러의 강력한 현금 포지션을 유지했습니다.
특히, 이사회는 주당 0.25달러의 분기 현금 배당금을 2025년 3월 31일 지급하기로 승인했습니다. 이 회사는 2024년에 전 세계적으로 75% 이상의 FOB 비즈니스를 달성했으며, 미국의 세 주요 고객에서 중간 단일 자릿수 POS 성장을 기록하며 4분기 소매 성과가 개선되었습니다.
JAKKS Pacific (NASDAQ: JAKK) a annoncé les résultats financiers du quatrième trimestre 2024 avec des ventes nettes de 130,7 millions de dollars, en hausse de 3 % par rapport à l'année précédente. L'entreprise a connu des performances mitigées à travers ses segments, avec des ventes de déguisements en hausse de 46 % à 12,5 millions de dollars, tandis que les ventes de jouets/produits de consommation ont diminué de 1 % à 118,2 millions de dollars.
Pour l'année complète 2024, les ventes nettes ont diminué de 3 % à 691,0 millions de dollars, avec une marge brute de 30,8 %. Le résultat d'exploitation a chuté de 33 % à 39,7 millions de dollars, et le résultat net attribuable aux actionnaires s'est élevé à 35,3 millions de dollars. L'entreprise a maintenu une solide position de trésorerie de 70,1 millions de dollars malgré l'utilisation de 20 millions de dollars pour éliminer des actions privilégiées.
Notamment, le Conseil d'administration a approuvé le lancement d'un dividende en espèces trimestriel de 0,25 dollar par action, payable le 31 mars 2025. L'entreprise a réalisé plus de 75 % de ses activités FOB à l'échelle mondiale en 2024 et a constaté une amélioration des performances de vente au détail au quatrième trimestre avec une croissance des points de vente à un chiffre moyen chez ses trois principaux clients américains.
JAKKS Pacific (NASDAQ: JAKK) hat die finanziellen Ergebnisse für das vierte Quartal 2024 veröffentlicht, mit Nettoumsätzen von 130,7 Millionen Dollar, was einem Anstieg von 3 % im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete gemischte Leistungen in den Segmenten, wobei die Kostümverkäufe um 46 % auf 12,5 Millionen Dollar stiegen, während die Verkäufe von Spielzeugen/Verbraucherprodukten um 1 % auf 118,2 Millionen Dollar zurückgingen.
Für das gesamte Jahr 2024 sanken die Nettoumsätze um 3 % auf 691,0 Millionen Dollar, mit einer Bruttomarge von 30,8 %. Der Betriebsgewinn ging um 33 % auf 39,7 Millionen Dollar zurück, und der den Aktionären zurechenbare Nettogewinn betrug 35,3 Millionen Dollar. Das Unternehmen hielt trotz der Verwendung von 20 Millionen Dollar zur Eliminierung von Vorzugsaktien eine starke Liquiditätsposition von 70,1 Millionen Dollar.
Bemerkenswert ist, dass der Vorstand die Einführung einer vierteljährlichen Bardividende von 0,25 Dollar pro Aktie genehmigt hat, die am 31. März 2025 zahlbar ist. Das Unternehmen erreichte 2024 weltweit über 75 % FOB-Geschäfte und verzeichnete im 4. Quartal eine verbesserte Einzelhandelsleistung mit einem mittleren Wachstum der POS-Zahlen im einstelligen Bereich bei seinen drei größten US-Kunden.
- Initiated quarterly dividend of $0.25 per share ($1.00 annually)
- Q4 net sales increased 3% to $130.7M
- Q4 Costumes segment sales grew 46% to $12.5M
- Q4 gross margin improved 70 basis points to 27.2%
- Company is now debt-free with $70.1M cash position
- Achieved 75% global FOB business level
- Full-year net sales declined 3% to $691.0M
- Operating income decreased 33% to $39.7M
- Full-year gross margin declined to 30.8% from 31.4%
- Operating cash flow decreased to $38.9M from $66.4M
- Adjusted EBITDA fell to $59.3M from $75.7M
Insights
JAKKS Pacific's Q4 and FY2024 results mark a pivotal transformation in the company's financial trajectory. The initiation of a
The operational metrics reveal important trends. The expansion of FOB (Free On Board) business to
International performance shows promising momentum, particularly in the costumes segment, which achieved record global sales despite challenging European market conditions. The
Working capital management remains solid, with inventory levels staying flat at
The improved gross margin of
Board of Directors approves initiation of quarterly cash dividend program
SANTA MONICA, Calif., Feb. 20, 2025 (GLOBE NEWSWIRE) -- JAKKS Pacific, Inc. (Nasdaq: JAKK) today reported financial results for the fourth quarter and fiscal year ended December 31, 2024.
Fourth Quarter 2024
- Net sales were
$130.7 million , a year-over-year increase of3% - Toys/Consumer Products net sales were
$118.2 million , a year-over-year decrease of1% - Costumes net sales were
$12.5 million , a year-over-year increase of46%
- Toys/Consumer Products net sales were
- Gross margin of
27.2% , up 70 basis points vs. Q4 2023 - Gross profit of
$35.6 million , up5% compared to$33.7 million in Q4 2023 - Operating loss of
$14.7 million in Q4 2024, an improvement of$0.6 million vs. a loss of$15.3 million in Q4 2023 - Net loss attributable to common stockholders of
$9.1 million or$0.83 per diluted share, compared to net loss attributable to common stockholders of$11.3 million or$1.12 per diluted share in Q4 2023 - Adjusted net loss attributable to common stockholders (a non-GAAP measure) of
$7.4 million or$0.67 per diluted share, compared to adjusted net loss attributable to common stockholders of$10.5 million or$1.04 per diluted share in Q4 2023 - Adjusted EBITDA (a non-GAAP measure) of
$(10.2) million vs.$(10.9) million in Q4 2023, an improvement of$0.8 million
Full-Year 2024
- Net sales were
$691.0 million compared to$711.6 million last year, a3% decrease- Toys/Consumer Products net sales were
$570.0 million , a year-over-year decrease of2% - Costumes net sales were
$121.0 million , a year-over-year decrease of8%
- Toys/Consumer Products net sales were
- Gross margin of
30.8% compared to31.4% last year - Gross profit of
$213.0 million , down5% compared to$223.4 million last year - Operating income of
$39.7 million compared to$59.1 million last year; a33% decrease - Net income attributable to common stockholders of
$35.3 million , down from a net income attributable to common stockholders of$36.9 million in 2023 - Adjusted net income attributable to common stockholders of
$42.6 million ($3.79 per diluted share), down from adjusted net income attributable to common stockholders of$48.9 million ($4.62 per diluted share) in 2023 - Adjusted EBITDA of
$59.3 million , down from$75.7 million in 2023 - Cash flows provided by operating activities of
$38.9 million , down from$66.4 million in 2023 - Cash used in financing activities of
$28.5 million , eliminating all preferred shareholders in the first half of 2024 - End of year cash and cash equivalents of
$70.1 million , down from$72.6 million in 2023
Management Commentary
“As we leave 2024, we are pleased with both the financial results we have achieved and the foundation we have established. We are a debt-free company with a strong portfolio of exceptional evergreen product categories and licenses led by a world-class team as we embark on the next chapter for JAKKS Pacific. Our company marked the 30th anniversary of its founding last month. Five years ago, we were trying to find our footing coming out of a painful restructuring exercise and processing the looming implications of what would become the COVID pandemic. The first quarter of this year represents the first time in fifteen years that we have started a year unencumbered by long-term debt or other obligations restricting our ability to share our successes directly with our common stock shareholders. As we consider our progress with initiatives like international expansion, partnering with the best global licensors and retailers and expanding and diversifying our product lines, we are excited for the future and what we see as a clear path forward for continued success. As a reflection of this optimism, our Board this week approved the initiation of a quarterly cash dividend of 25 cents per share payable on March 31, 2025, to shareholders of record as of March 3, 2025. On a full-year basis, this would equate to a dollar per share. It is our intention to maintain this dividend going forward on a quarterly basis, recalibrating when we deem it prudent.
Our fourth quarter results were roughly in line with our expectations. The business is measured in the context of full-year results with significant seasonality drivers of Halloween and Christmas. We always encourage customers to embrace our FOB selling model to leverage their larger and more efficient logistic operations. This approach translates to the majority of our sales taking place in the second and third quarters and not the underlying consumer behavior in those quarters. We were pleased to see our FOB business reach a global level of over
At retail, anchored by two strong film releases, we saw aggregate Toy/CP point-of-sale (POS) data up mid-single digits at our three largest US accounts vs. Q4 2023. That improved our full-year results to being down mid-single digits at those same accounts – and we exited the year with lower inventory levels at those accounts for the second year in a row.”
Other Financial Highlights
Sales in North America were down
The Company’s cash and cash equivalents (including restricted cash) totaled
Inventory was
Use of Non-GAAP Financial Information and Reconciliation of GAAP to Non-GAAP measures:
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 EBITDA and Adjusted Net Income (Loss) that exclude various items that are detailed in the financial tables and accompanying footnotes reconciling GAAP to non-GAAP results contained in this release. 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, enhance 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.
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. See “Use of Non-GAAP Financial Information” for additional disclosures with respect to the use of non-GAAP financial information.
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 February 20, 2025. 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 (4Q24 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: AirTitans®, Disguise®, Fly Wheels®, JAKKS Wild Games®, Moose Mountain®, Maui®, Perfectly Cute®, ReDo® Skateboard Co., Sky Ball®, SportsZone™, Xtreme Power Dozer®, WeeeDo®, and Wild Manes™ as well as a wide range of entertainment-inspired products featuring premier licensed properties. Through our products and our charitable donations, JAKKS is helping to make a positive impact on the lives of children. Visit us at www.jakks.com and follow us on Instagram (@jakkspacific.toys), Twitter (@jakkstoys) and Facebook (@jakkspacific.toys).
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 the Recapitalization transaction or 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.
| CONTACT: |
| JAKKS Pacific Investor Relations |
| (424) 268-9567 Lucas Natalini investors@jakks.net |
| JAKKS Pacific, Inc. and Subsidiaries | |||||||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||||
| December 31, | |||||||||||||
| 2024 | 2023 | ||||||||||||
| (In thousands) | |||||||||||||
| Assets | |||||||||||||
| Current assets: | |||||||||||||
| Cash and cash equivalents | $ | 69,936 | $ | 72,350 | |||||||||
| Restricted cash | 201 | 204 | |||||||||||
| Accounts receivable, net | 131,629 | 123,797 | |||||||||||
| Inventory | 52,780 | 52,647 | |||||||||||
| Prepaid expenses and other assets | 14,141 | 6,374 | |||||||||||
| Total current assets | 268,687 | 255,372 | |||||||||||
| Property and equipment | 142,623 | 135,956 | |||||||||||
| Less accumulated depreciation and amortization | 126,981 | 121,357 | |||||||||||
| Property and equipment, net | 15,642 | 14,599 | |||||||||||
| Operating lease right-of-use assets, net | 53,254 | 23,592 | |||||||||||
| Deferred income tax assets, net | 70,394 | 68,143 | |||||||||||
| Goodwill | 35,111 | 35,083 | |||||||||||
| Other long-term assets | 1,781 | 2,162 | |||||||||||
| Total assets | $ | 444,869 | $ | 398,951 | |||||||||
| Liabilities, Preferred Stock and Stockholders' Equity | |||||||||||||
| Current liabilities: | |||||||||||||
| Accounts payable | $ | 42,560 | $ | 42,177 | |||||||||
| Accounts payable - Meisheng (related party) | 13,461 | 12,259 | |||||||||||
| Accrued expenses | 48,456 | 45,102 | |||||||||||
| Reserve for sales returns and allowances | 35,817 | 38,531 | |||||||||||
| Income taxes payable | 1,035 | 3,785 | |||||||||||
| Short-term operating lease liabilities | 8,091 | 7,380 | |||||||||||
| Total current liabilities | 149,420 | 149,234 | |||||||||||
| Long-term operating lease liabilities | 48,433 | 16,666 | |||||||||||
| Accrued expenses - long-term | 2,563 | 3,746 | |||||||||||
| Preferred stock derivative liability | - | 29,947 | |||||||||||
| Income taxes payable | 3,620 | 3,245 | |||||||||||
| Total liabilities | 204,036 | 202,838 | |||||||||||
| Preferred stock accrued dividends | - | 5,992 | |||||||||||
| Stockholders' equity: | |||||||||||||
| Common stock, $.001 par value | 11 | 10 | |||||||||||
| Additional paid-in capital | 297,198 | 278,642 | |||||||||||
| Accumulated deficit | (39,692 | ) | (73,612 | ) | |||||||||
| Accumulated other comprehensive loss | (17,184 | ) | (15,627 | ) | |||||||||
| Total JAKKS Pacific, Inc. stockholders' equity | 240,333 | 189,413 | |||||||||||
| Non-controlling interests | 500 | 708 | |||||||||||
| Total stockholders' equity | 240,833 | 190,121 | |||||||||||
| Total liabilities, preferred stock and stockholders' equity | $ | 444,869 | $ | 398,951 | |||||||||
| Supplemental Balance Sheet and Cash Flow Data (Unaudited) | |||||||||||||
| December 31, | |||||||||||||
| Key Balance Sheet Data: | 2024 | 2023 | |||||||||||
| Accounts receivable days sales outstanding (DSO) | 93 | 89 | |||||||||||
| Inventory turnover (DSI) | 51 | 52 | |||||||||||
| Twelve Months Ended December 31, | |||||||||||||
| Condensed Cash Flow Data: | 2024 | 2023 | |||||||||||
| Cash flows provided by operating activities | $ | 38,947 | $ | 66,404 | |||||||||
| Cash flows used in investing activities | (12,889 | ) | (8,907 | ) | |||||||||
| Cash flows used in financing activities and other | (28,475 | ) | (70,433 | ) | |||||||||
| Decrease in cash, cash equivalents and restricted cash | $ | (2,417 | ) | $ | (12,936 | ) | |||||||
| Capital expenditures | $ | (11,246 | ) | $ | (8,906 | ) | |||||||
| JAKKS Pacific, Inc. and Subsidiaries | ||||||||||||||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | Δ (%) | 2024 | 2023 | Δ (%) | |||||||||||||||||||||||
| (In thousands, except per share data) | (In thousands, except per share data) | |||||||||||||||||||||||||||
| Net sales | $ | 130,741 | $ | 127,396 | 3 | % | $ | 691,042 | $ | 711,557 | (3 | ) | % | |||||||||||||||
| Less: Cost of sales | ||||||||||||||||||||||||||||
| Cost of goods | 72,373 | 68,866 | 5 | 361,563 | 362,378 | (0 | ) | |||||||||||||||||||||
| Royalty expense | 20,623 | 22,533 | (8 | ) | 106,804 | 117,607 | (9 | ) | ||||||||||||||||||||
| Amortization of tools and molds | 2,192 | 2,264 | (3 | ) | 9,654 | 8,219 | 17 | |||||||||||||||||||||
| Cost of sales | 95,188 | 93,663 | 2 | 478,021 | 488,204 | (2 | ) | |||||||||||||||||||||
| Gross profit | 35,553 | 33,733 | 5 | 213,021 | 223,353 | (5 | ) | |||||||||||||||||||||
| Direct selling expenses | 18,201 | 14,582 | 25 | 40,105 | 36,987 | 8 | ||||||||||||||||||||||
| General and administrative expenses | 31,953 | 34,401 | (7 | ) | 132,840 | 126,893 | 5 | |||||||||||||||||||||
| Depreciation and amortization | 117 | 90 | 30 | 392 | 366 | 7 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 50,271 | 49,073 | 2 | 173,337 | 164,246 | 6 | ||||||||||||||||||||||
| Income (loss) from operations | (14,718 | ) | (15,340 | ) | (4 | ) | 39,684 | 59,107 | (33 | ) | ||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||||
| Loss from joint ventures | - | - | - | - | (565 | ) | nm | |||||||||||||||||||||
| Other income (expense), net | 8 | 139 | (94 | ) | 302 | 563 | (46 | ) | ||||||||||||||||||||
| Change in fair value of preferred stock derivative liability | - | (1,361 | ) | nm | - | (8,029 | ) | nm | ||||||||||||||||||||
| Loss on debt extinguishment | - | - | - | - | (1,023 | ) | nm | |||||||||||||||||||||
| Interest income | 308 | 757 | (59 | ) | 841 | 1,344 | (37 | ) | ||||||||||||||||||||
| Interest expense | (157 | ) | (710 | ) | (78 | ) | (1,095 | ) | (6,451 | ) | (83 | ) | ||||||||||||||||
| Income (loss) before provision for (benefit from) income taxes | (14,559 | ) | (16,515 | ) | (12 | ) | 39,732 | 44,946 | (12 | ) | ||||||||||||||||||
| Provision for (benefit from) income taxes | (5,446 | ) | (5,643 | ) | (3 | ) | 5,532 | 6,833 | (19 | ) | ||||||||||||||||||
| Net income (loss) | (9,113 | ) | (10,872 | ) | (16 | ) | 34,200 | 38,113 | (10 | ) | ||||||||||||||||||
| Net income (loss) attributable to non-controlling interests | - | (4 | ) | nm | 280 | (293 | ) | nm | ||||||||||||||||||||
| Net income (loss) attributable to JAKKS Pacific, Inc. | $ | (9,113 | ) | $ | (10,868 | ) | (16 | ) | % | $ | 33,920 | $ | 38,406 | (12 | ) | % | ||||||||||||
| Net income (loss) attributable to common stockholders | $ | (9,113 | ) | $ | (11,252 | ) | (19 | ) | % | $ | 35,250 | $ | 36,904 | (4 | ) | % | ||||||||||||
| Earnings (loss) per share - basic | $ | (0.83 | ) | $ | (1.12 | ) | $ | 3.27 | $ | 3.70 | ||||||||||||||||||
| Shares used in earnings (loss) per share - basic | 11,008 | 10,084 | 10,781 | 9,962 | ||||||||||||||||||||||||
| Earnings (loss) per share - diluted | $ | (0.83 | ) | $ | (1.12 | ) | $ | 3.14 | $ | 3.48 | ||||||||||||||||||
| Shares used in earnings (loss) per share - diluted | 11,008 | 10,084 | 11,226 | 10,590 | ||||||||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | Δ bps | 2024 | 2023 | Δ bps | |||||||||||||||||||||||
| Fav/(Unfav) | Fav/(Unfav) | |||||||||||||||||||||||||||
| Net sales | 100.0 | % | 100.0 | % | - | 100.0 | % | 100.0 | % | - | ||||||||||||||||||
| Less: Cost of sales | ||||||||||||||||||||||||||||
| Cost of goods | 55.3 | 54.0 | (130 | ) | 52.3 | 50.9 | (140 | ) | ||||||||||||||||||||
| Royalty expense | 15.8 | 17.7 | 190 | 15.5 | 16.5 | 100 | ||||||||||||||||||||||
| Amortization of tools and molds | 1.7 | 1.8 | 10 | 1.4 | 1.2 | (20 | ) | |||||||||||||||||||||
| Cost of sales | 72.8 | 73.5 | 70 | 69.2 | 68.6 | (60 | ) | |||||||||||||||||||||
| Gross profit | 27.2 | 26.5 | 70 | 30.8 | 31.4 | (60 | ) | |||||||||||||||||||||
| Direct selling expenses | 13.9 | 11.4 | (250 | ) | 5.8 | 5.2 | (60 | ) | ||||||||||||||||||||
| General and administrative expenses | 24.5 | 27.0 | 250 | 19.2 | 17.8 | (140 | ) | |||||||||||||||||||||
| Depreciation and amortization | 0.1 | 0.1 | - | 0.1 | 0.1 | - | ||||||||||||||||||||||
| Selling, general and administrative expenses | 38.5 | 38.5 | 0 | 25.1 | 23.1 | (200 | ) | |||||||||||||||||||||
| Income (loss) from operations | (11.3 | ) | (12.0 | ) | 70 | 5.7 | 8.3 | (260 | ) | |||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||||
| Loss from joint ventures | - | - | - | (0.1 | ) | |||||||||||||||||||||||
| Other income (expense), net | - | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||
| Change in fair value of preferred stock derivative liability | - | (1.1 | ) | - | (1.1 | ) | ||||||||||||||||||||||
| Loss on debt extinguishment | - | - | - | (0.1 | ) | |||||||||||||||||||||||
| Interest income | 0.2 | 0.6 | 0.1 | 0.2 | ||||||||||||||||||||||||
| Interest expense | (0.1 | ) | (0.6 | ) | (0.2 | ) | (0.9 | ) | ||||||||||||||||||||
| Income (loss) before provision for (benefit from) income taxes | (11.2 | ) | (13.0 | ) | 5.7 | 6.4 | ||||||||||||||||||||||
| Provision for (benefit from) income taxes | (4.2 | ) | (4.5 | ) | 0.8 | 1.0 | ||||||||||||||||||||||
| Net income (loss) | (7.0 | ) | (8.5 | ) | 4.9 | 5.4 | ||||||||||||||||||||||
| Net income (loss) attributable to non-controlling interests | - | - | - | - | ||||||||||||||||||||||||
| Net income (loss) attributable to JAKKS Pacific, Inc. | (7.0 | ) | % | (8.5 | ) | % | 4.9 | % | 5.4 | % | ||||||||||||||||||
| Net income (loss) attributable to common stockholders | (7.0 | ) | % | (8.8 | ) | % | 5.1 | % | 5.2 | % | ||||||||||||||||||
| JAKKS Pacific, Inc. and Subsidiaries | ||||||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Information (Unaudited) | ||||||||||||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | Δ ($) | 2024 | 2023 | Δ ($) | |||||||||||||||||||||||
| (In thousands) | (In thousands) | |||||||||||||||||||||||||||
| EBITDA and Adjusted EBITDA | ||||||||||||||||||||||||||||
| Net income (loss) | $ | (9,113 | ) | $ | (10,872 | ) | $ | 1,759 | $ | 34,200 | $ | 38,113 | $ | (3,913 | ) | |||||||||||||
| Interest expense | 157 | 710 | (553 | ) | 1,095 | 6,451 | (5,356 | ) | ||||||||||||||||||||
| Interest income | (308 | ) | (757 | ) | 449 | (841 | ) | (1,344 | ) | 503 | ||||||||||||||||||
| Provision for (benefit from) income taxes | (5,446 | ) | (5,643 | ) | 197 | 5,532 | 6,833 | (1,301 | ) | |||||||||||||||||||
| Depreciation and amortization | 2,309 | 2,354 | (45 | ) | 10,046 | 10,336 | (290 | ) | ||||||||||||||||||||
| EBITDA | (12,401 | ) | (14,208 | ) | 1,807 | 50,032 | 60,389 | (10,357 | ) | |||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||
| Loss from joint ventures (JAKKS Pacific, Inc. - | - | - | - | - | 276 | (276 | ) | |||||||||||||||||||||
| Loss from joint ventures (Meisheng - | - | - | - | - | 289 | (289 | ) | |||||||||||||||||||||
| Other (income) expense, net | (8 | ) | (139 | ) | 131 | (302 | ) | (563 | ) | 261 | ||||||||||||||||||
| Restricted stock compensation expense | 2,255 | 2,057 | 198 | 9,535 | 8,027 | 1,508 | ||||||||||||||||||||||
| Change in fair value of preferred stock derivative liability | - | 1,361 | (1,361 | ) | - | 8,029 | (8,029 | ) | ||||||||||||||||||||
| Molds and tooling capitalization | - | - | - | - | (1,751 | ) | 1,751 | |||||||||||||||||||||
| Loss on debt extinguishment | - | - | - | - | 1,023 | (1,023 | ) | |||||||||||||||||||||
| Adjusted EBITDA | $ | (10,154 | ) | $ | (10,929 | ) | $ | 775 | $ | 59,265 | $ | 75,719 | $ | (16,454 | ) | |||||||||||||
| Adjusted EBITDA/Net sales % | (7.8 | ) | % | (8.6 | ) | % | 80 bps | 8.6 | % | 10.6 | % | -200 bps | ||||||||||||||||
| Trailing Twelve Months Ended December 31, | ||||||||||||||||||||||||||||
| 2024 | 2023 | Δ ($) | ||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||
| TTM EBITDA and TTM Adjusted EBITDA | ||||||||||||||||||||||||||||
| TTM net income | $ | 34,200 | $ | 38,113 | $ | (3,913 | ) | |||||||||||||||||||||
| Interest expense | 1,095 | 6,451 | (5,356 | ) | ||||||||||||||||||||||||
| Interest income | (841 | ) | (1,344 | ) | 503 | |||||||||||||||||||||||
| Provision for (benefit from) income taxes | 5,532 | 6,833 | (1,301 | ) | ||||||||||||||||||||||||
| Depreciation and amortization | 10,046 | 10,336 | (290 | ) | ||||||||||||||||||||||||
| TTM EBITDA | 50,032 | 60,389 | (10,357 | ) | ||||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||
| Loss from joint ventures (JAKKS Pacific, Inc. - | - | 276 | (276 | ) | ||||||||||||||||||||||||
| Loss from joint ventures (Meisheng - | - | 289 | (289 | ) | ||||||||||||||||||||||||
| Other (income) expense, net | (302 | ) | (563 | ) | 261 | |||||||||||||||||||||||
| Restricted stock compensation expense | 9,535 | 8,027 | 1,508 | |||||||||||||||||||||||||
| Change in fair value of preferred stock derivative liability | - | 8,029 | (8,029 | ) | ||||||||||||||||||||||||
| Molds and tooling capitalization | - | (1,751 | ) | 1,751 | ||||||||||||||||||||||||
| Loss on debt extinguishment | - | 1,023 | (1,023 | ) | ||||||||||||||||||||||||
| TTM Adjusted EBITDA | $ | 59,265 | $ | 75,719 | $ | (16,454 | ) | (22 | ) | % | ||||||||||||||||||
| TTM Adjusted EBITDA/TTM Net sales % | 8.6 | % | 10.6 | % | -200 bps | |||||||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | Δ ($) | 2024 | 2023 | Δ ($) | |||||||||||||||||||||||
| (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 | $ | (9,113 | ) | $ | (11,252 | ) | $ | 2,139 | $ | 35,250 | $ | 36,904 | $ | (1,654 | ) | |||||||||||||
| Restricted stock compensation expense | 2,255 | 2,057 | 198 | 9,535 | 8,027 | 1,508 | ||||||||||||||||||||||
| Change in fair value of preferred stock derivative liability | - | 1,361 | (1,361 | ) | - | 8,029 | (8,029 | ) | ||||||||||||||||||||
| Loss on debt extinguishment | - | - | - | - | 1,023 | (1,023 | ) | |||||||||||||||||||||
| Loss from joint ventures (JAKKS Pacific, Inc. - | - | - | - | - | 276 | (276 | ) | |||||||||||||||||||||
| 2021 BSP Term Loan prepayment penalty | - | - | - | - | 150 | (150 | ) | |||||||||||||||||||||
| Molds and Tooling capitalization | - | - | - | - | (1,751 | ) | 1,751 | |||||||||||||||||||||
| Valuation allowance release/adjustments | - | (2,577 | ) | 2,577 | - | (2,577 | ) | 2,577 | ||||||||||||||||||||
| Tax impact of additional charges | (544 | ) | (96 | ) | (448 | ) | (2,225 | ) | (1,175 | ) | (1,050 | ) | ||||||||||||||||
| Adjusted net income (loss) attributable to common stockholders | $ | (7,402 | ) | $ | (10,507 | ) | $ | 3,105 | $ | 42,560 | $ | 48,906 | $ | (6,346 | ) | |||||||||||||
| Adjusted earnings (loss) per share - basic | $ | (0.67 | ) | $ | (1.04 | ) | $ | 0.37 | $ | 3.95 | $ | 4.91 | $ | (0.97 | ) | |||||||||||||
| Shares used in adjusted earnings (loss) per share - basic | 11,008 | 10,084 | 924 | 10,781 | 9,962 | 819 | ||||||||||||||||||||||
| Adjusted earnings (loss) per share - diluted | $ | (0.67 | ) | $ | (1.04 | ) | $ | 0.37 | $ | 3.79 | $ | 4.62 | $ | (0.83 | ) | |||||||||||||
| Shares used in adjusted earnings (loss) per share - diluted | 11,008 | 10,084 | 924 | 11,226 | 10,590 | 636 | ||||||||||||||||||||||
| JAKKS Pacific, Inc. and Subsidiaries | ||||||||||||||||
| Net Sales by Division and Geographic Region | ||||||||||||||||
| (In thousands) | QTD Q4 | (In thousands) | YTD Q4 | |||||||||||||
| DIVISIONS | 2024 | 2023 | 2022 | % Change 2024 v 2023 | % Change 2023 v 2022 | DIVISIONS | 2024 | 2023 | 2022 | % Change 2024 v 2023 | % Change 2023 v 2022 | |||||
| Toys/Consumer Products | -0.5 | % | 1.0 | % | Toys/Consumer Products | -1.8 | % | -10.3 | % | |||||||
| Dolls, Role-Play/Dress-Up | 62,603 | 73,272 | 68,937 | -14.6 | % | 6.3 | % | Dolls, Role-Play/Dress-Up | 313,679 | 319,962 | 423,581 | -2.0 | % | -24.5 | % | |
| Action Play & Collectibles | 47,209 | 35,312 | 38,909 | 33.7 | % | -9.2 | % | Action Play & Collectibles | 215,521 | 219,446 | 173,529 | -1.8 | % | 26.5 | % | |
| Outdoor/Seasonal Toys | 8,421 | 10,272 | 9,881 | -18.0 | % | 4.0 | % | Outdoor/Seasonal Toys | 40,818 | 41,279 | 50,207 | -1.1 | % | -17.8 | % | |
| Costumes | 46.4 | % | -39.7 | % | Costumes | -7.5 | % | -12.1 | % | |||||||
| TOTAL JAKKS | $130,741 | $127,396 | $131,886 | 2.6 | % | -3.4 | % | TOTAL JAKKS | $691,042 | $711,557 | $796,187 | -2.9 | % | -10.6 | % | |
| (In thousands) | QTD Q4 | (In thousands) | YTD Q4 | |||||||||||||
| Regions | 2024 | 2023 | 2022 | % Change 2024 v 2023 | % Change 2023 v 2022 | Regions | 2024 | 2023 | 2022 | % Change 2024 v 2023 | % Change 2023 v 2022 | |||||
| United States | -2.9 | % | -4.6 | % | United States | -2.3 | % | -13.4 | % | |||||||
| Europe | 25,359 | 17,988 | 19,437 | 41.0 | % | -7.5 | % | Europe | 71,392 | 76,464 | 85,348 | -6.6 | % | -10.4 | % | |
| Latin America | 4,292 | 4,434 | 2,626 | -3.2 | % | 68.8 | % | Latin America | 38,159 | 32,024 | 18,338 | 19.2 | % | 74.6 | % | |
| Canada | 4,257 | 4,686 | 4,795 | -9.2 | % | -2.3 | % | Canada | 20,983 | 26,992 | 26,515 | -22.3 | % | 1.8 | % | |
| Asia | 1,523 | 2,140 | 1,698 | -28.8 | % | 26.0 | % | Asia | 6,101 | 8,543 | 10,431 | -28.6 | % | -18.1 | % | |
| Australia & New Zealand | 1,116 | 1,486 | 1,822 | -24.9 | % | -18.4 | % | Australia & New Zealand | 7,409 | 7,542 | 8,836 | -1.8 | % | -14.6 | % | |
| Middle East & Africa | 726 | 358 | 601 | 102.8 | % | -40.4 | % | Middle East & Africa | 1,985 | 2,127 | 2,424 | -6.7 | % | -12.3 | % | |
| TOTAL JAKKS | $130,741 | $127,396 | $131,886 | 2.6 | % | -3.4 | % | TOTAL JAKKS | $691,042 | $711,557 | $796,187 | -2.9 | % | -10.6 | % | |
| (In thousands) | QTD Q4 | (In thousands) | YTD Q4 | |||||||||||||
| Regions | 2024 | 2023 | 2022 | % Change 2024 v 2023 | % Change 2023 v 2022 | Regions | 2024 | 2023 | 2022 | % Change 2024 v 2023 | % Change 2023 v 2022 | |||||
| North America | -3.2 | % | -4.5 | % | North America | -3.2 | % | -12.8 | % | |||||||
| International | 33,016 | 26,406 | 26,184 | 25.0 | % | 0.8 | % | International | 125,046 | 126,700 | 125,377 | -1.3 | % | 1.1 | % | |
| Total | $130,741 | $127,396 | $131,886 | 2.6 | % | -3.4 | % | Total | $691,042 | $711,557 | $796,187 | -2.9 | % | -10.6 | % | |
FAQ
What is JAKKS Pacific's new dividend policy announced in Q4 2024?
How did JAKK's Q4 2024 revenue compare to the previous year?
What was JAKKS Pacific's full-year 2024 net income?
How much cash did JAKK have at the end of 2024?
What was JAKK's Costumes segment performance in Q4 2024?
