JAKKS Pacific Reports Third Quarter 2023 Financial Results

Rhea-AI Summary

JAKKS Pacific, Inc. (NASDAQ: JAKK) reported financial results for Q3 2023. Net sales were $309.7 million, a 4% decrease YoY. Gross margin was 34.5%, up 600 basis points from Q3 2022. Operating income was $62.4 million, up from $53.7 million in Q3 2022. Net income attributable to common stockholders was $47.8 million or $4.53 per diluted share, compared to $30.3 million or $2.96 per diluted share in Q3 2022.

Positive

• Gross margin increased to 34.5%, up 600 basis points from Q3 2022.
• Operating income rose to $62.4 million, compared to $53.7 million in Q3 2022.
• Net income attributable to common stockholders increased to $47.8 million or $4.53 per diluted share, compared to $30.3 million or $2.96 per diluted share in Q3 2022.

Negative

• None.

Year-to-date Gross Margin of 32+%, highest level since 2011

SANTA MONICA, Calif.--(BUSINESS WIRE)-- JAKKS Pacific, Inc. (NASDAQ: JAKK) today reported financial results for the third quarter ended September 30, 2023.

Third Quarter 2023 Overview

• Net sales were $309.7 million, a year-over-year decrease of 4%
  • Toys/Consumer Products were $246.0 million, a year-over-year decrease of 9%
  • Costumes were $63.7 million, a year-over-year increase of 19%
    • Costumes year-to-date are $122.3 million, a year-over-year decrease of 9%
• Gross margin of 34.5%, up 600 basis points vs. Q3 2022
• Gross profit of $107.0 million, up 16% compared to $91.9 million in Q3 2022
  • Year-to-date gross profit of $189.6 million, up 4% compared to $182.7 million in 2022
• Operating income of $62.4 million (20.1% of net sales) in Q3 2023 vs. $53.7 million (16.7% of net sales) in Q3 2022
  • Year-to-date operating income of $74.4 million (12.7% of net sales) vs. $76.7 million (11.6% of net sales) for the comparable period in 2022
• Net income attributable to common stockholders of $47.8 million or $4.53 per diluted share, compared to net income attributable to common stockholders of $30.3 million or $2.96 per diluted share in Q3 2022
• Adjusted net income attributable to common stockholders (a non-GAAP measure) of $50.1 million or $4.75 per diluted share, compared to adjusted net income attributable to common stockholders of $39.0 million or $3.80 per diluted share in Q3 2022
• Adjusted EBITDA (a non-GAAP measure) of $67.1 million vs. $59.4 million in Q3 2022
  • Trailing twelve month Adjusted EBITDA of $74.5 million (10.4% of trailing twelve months net sales) down from $93.5 million (11.0% of net sales) in the trailing twelve months ended September 2022.

Management Commentary

“Although we have seen activity at retail slowing, our business continued to perform well throughout the third quarter. Retail sell-through at our Top 3 accounts in the US were down low single digits on a year-to-date basis, while our inventory at those accounts is down over 20% year-over-year” said Stephen Berman, CEO of JAKKS Pacific. “A more predictable supply-chain and lower promotional activity than last year has resulted in significantly improved product margins, building on the continued rigor and collaboration between our development and sourcing teams. Of note, our Action Play & Collectibles business was up 43% in the quarter, and with $184.1 million shipped through Q3, is up 37% compared to last year. We are looking forward to the holiday season and have recently finished great customer meetings previewing our Fall 2024 product line. We are exceeding our own internal expectations for the full-year and are carefully navigating towards the end of the year given the persistent uncertainty about consumer behavior.

“Also in the quarter, we saw our Costumes business seasonality returning to more traditional levels and catching up on a year-to-date basis. Although down 9% in year-to-date shipping vs. 2022, globally, we remain +24% vs. the same period in 2021, along with significantly improved margins. Our view of 2023 Halloween shopping in the US was that it was a bit softer overall. We see that in our data and in referencing syndicated market data. The latter suggests we have retained and expanded our market leadership position, but final syndicated data won’t be available until later this month.

“Finally, during the third quarter, we officially opened our new office and internally operated warehouse in Italy to better serve that market and Southern Europe broadly starting in 2024. We are very focused on maximizing our presence across the EU given the current strength of our product line. We nonetheless continue to proactively manage our owned inventory, increasing our internal discipline around turns and maximizing our cash position. Our Q3 ending inventory level of $68.8 million is the lowest Q3 level since 2020, down 37% from this time last year. We are always striving to improve our internal operations to remain competitive and the partner of choice for our customers, licensors and vendors.

It is gratifying to see the team continue to deliver exceptional, consistent results. Everyone in our company remains 100% focused on delivering great toys, costumes and other consumer products relevant to today’s children. Our evergreen category assortment and product lines have never been stronger, which continue to enhance our financial position and resilience.”

Third Quarter 2023 Results

Net sales for the third quarter of 2023 were $309.7 million, down 4% versus $323.0 million last year. The Toys/Consumer Products segment sales were down 9% globally (-10% North America; -4% International) and sales of Disguise costumes were up 19% compared to last year (23% North America; -13% International) as Halloween customers ordering reverted to more traditional seasonality.

Year-to-date Toys/Consumer Products sales were down 13% over the comparable 2022 period. Year-to-date the Costumes segment was down 9% over the comparable 2022 period.

Year-to-date adjusted net income attributable to common stockholders was $59.4 million ($5.66 per diluted share), compared to $57.5 million ($5.68 per diluted share) in the first nine months of 2022. Year-to-date adjusted EBITDA of $86.6 million (14.8% of net sales) declined from $88.5 million (13.3% of net sales) in the comparable 2022 period.

Balance Sheet Highlights

The Company’s cash and cash equivalents (including restricted cash) totaled $96.4 million as of September 30, 2023 compared to $76.6 million as of September 30, 2022, and $85.5 million as of December 31, 2022.

Total debt was zero, compared to $67.7 million as of September 30, 2022, and $67.2 million as of December 31, 2022. Total debt included the amount outstanding under the Company's term loan, net of unamortized discounts and issuance costs.

Inventory was $68.8 million, compared to $109.2 million as of September 30, 2022 and $80.6 million in total inventory as of December 31, 2022.

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 EBITDA which is a non-GAAP metric that excludes 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.” “Total liquidity” is calculated as cash and cash equivalents, 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 November 1, 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 (3Q23 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 Fly Wheels®, Perfectly Cute®, ReDo® Skateboard Co., AirTitans®, Sky Ball®, JAKKS Wild Games™, Moose Mountain®, Maui®, SportsZone™, Kids Only!™, Xtreme Power Dozer®, Disguise®, WeeeDo®, Ami Amis™ and a wide range of entertainment-inspired products featuring premier licensed properties. 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 (@jakkspacific.toys), X (@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.

JAKKS Pacific, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
					September 30,								December 31,
					2023				2022				2022
					(In thousands)
Assets
Current assets:
	Cash and cash equivalents				$	96,252			$	76,418			$	85,297
	Restricted cash					195				178				193
	Accounts receivable, net					206,751				204,856				102,771
	Inventory					68,832				109,171				80,619
	Prepaid expenses and other assets					6,721				11,124				6,331
		Total current assets				378,751				401,747				275,211
Property and equipment						135,821				131,918				130,437
Less accumulated depreciation and amortization						121,193				116,558				115,575
	Property and equipment, net					14,628				15,360				14,862
Operating lease right-of-use assets, net						25,743				22,154				19,913
Deferred income tax assets, net						57,856				-				57,804
Goodwill						35,083				35,083				35,083
Intangibles and other assets, net						2,220				2,770				2,469
		Total assets			$	514,281			$	477,114			$	405,342
Liabilities, Preferred Stock and Stockholders' Equity
Current liabilities:
	Accounts payable				$	94,409			$	77,126			$	33,687
	Accounts payable - Meisheng (related party)					27,977				28,301				9,820
	Accrued expenses					65,609				73,723				37,998
	Reserve for sales returns and allowances					43,512				59,216				51,877
	Income taxes payable					17,422				14,084				8,165
	Short term operating lease liabilities					6,415				10,515				10,746
	Short term debt, net					-				2,475				25,529
		Total current liabilities				255,344				265,440				177,822
Long term operating lease liabilities						19,283				12,555				9,863
Accrued expenses - long term						3,750				-				-
Debt, non-current portion, net						-				65,195				41,622
Preferred stock derivative liability						28,586				23,347				21,918
Income taxes payable						2,994				66				2,929
Deferred income tax liabilities, net						-				53				-
		Total liabilities				309,957				366,656				254,154
Preferred stock accrued dividends						5,608				4,128				4,490
Stockholders' equity:
	Common stock, $.001 par value					10				10				10
	Additional paid-in capital					277,546				274,040				275,187
	Accumulated deficit					(62,744	)			(149,987	)			(112,018	)
	Accumulated other comprehensive loss					(16,808	)			(18,594	)			(17,482	)
		Total JAKKS Pacific, Inc. stockholders' equity				198,004				105,469				145,697
	Non-controlling interests					712				861				1,001
		Total stockholders' equity				198,716				106,330				146,698
		Total liabilities, preferred stock and stockholders' equity			$	514,281			$	477,114			$	405,342
Supplemental Balance Sheet and Cash Flow Data (Unaudited)
									September 30,
Key Balance Sheet Data:									2023				2022
Accounts receivable days sales outstanding (DSO)										61				58
Inventory turnover (DSI)										31				44
									Nine Months Ended September 30,
Condensed Cash Flow Data:									2023				2022
									(In thousands)
Cash flows provided by operating activities									$	89,421			$	75,261
Cash flows used in investing activities										(7,427	)			(8,087	)
Cash flows used in financing activities and other										(71,037	)			(35,910	)
Increase (Decrease) in cash, cash equivalents and restricted cash									$	10,957			$	31,264
Capital expenditures									$	(7,464	)		$	(8,089	)

JAKKS Pacific, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
			Three Months Ended September 30,											Nine Months Ended September 30,
			2023				2022				Δ (%)			2023				2022				Δ (%)
			(In thousands, except per share data)											(In thousands, except per share data)
Net sales			$	309,744			$	322,998			(4	)%		$	584,161			$	664,301			(12	)%
Less: Cost of sales
	Cost of goods			149,052				174,334			(15	)		$	293,512				368,242			(20	)
	Royalty expense			51,141				52,868			(3	)			95,074				106,262			(11	)
	Amortization of tools and molds			2,566				3,885			(34	)			5,955				7,079			(16	)
	Cost of sales			202,759				231,087			(12	)			394,541				481,583			(18	)
		Gross profit		106,985				91,911			16				189,620				182,718			4
Direct selling expenses				10,684				8,397			27				22,405				20,137			11
General and administrative expenses				33,821				29,400			15				92,492				84,067			10
Depreciation and amortization				81				373			(78	)			276				1,547			(82	)
	Selling, general and administrative expenses			44,586				38,170			17				115,173				105,751			9
Intangibles impairment				-				-			-				-				300			nm
		Income from operations		62,399				53,741			16				74,447				76,667			(3	)
Other income (expense):
	Loss from joint ventures			-				-			-				(565	)			-			nm
	Other income (expense), net			(52	)			251			nm				424				520			(18	)
	Change in fair value of preferred stock derivative liability			(793	)			(7,449	)		(89	)			(6,668	)			(2,065	)		223
	Loss on debt extinguishment			-				-			-				(1,023	)			-			nm
	Interest income			384				55			nm				587				64			nm
	Interest expense			(1,436	)			(4,350	)		(67	)			(5,741	)			(8,889	)		(35	)
Income before provision for income taxes				60,502				42,248			43				61,461				66,297			(7	)
Provision for income taxes				12,381				11,572			7				12,476				13,323			(6	)
Net income				48,121				30,676			57				48,985				52,974			(8	)
Net loss attributable to non-controlling interests				(11	)			(17	)		(35	)			(289	)			(470	)		(39	)
Net income attributable to JAKKS Pacific, Inc.			$	48,132			$	30,693			57	%		$	49,274			$	53,444			(8	)%
Net income attributable to common stockholders			$	47,754			$	30,336			57	%		$	48,156			$	52,390			(8	)%
	Earnings per share - basic		$	4.77			$	3.13						$	4.85			$	5.44
	Shares used in earnings per share - basic			10,021				9,695							9,922				9,624
	Earnings per share - diluted		$	4.53			$	2.96						$	4.58			$	5.18
	Shares used in earnings per share - diluted			10,542				10,260							10,503				10,111
			Three Months Ended September 30,											Nine Months Ended September 30,
			2023				2022				Δ bps			2023				2022				Δ bps
											Fav/(Unfav)											Fav/(Unfav)
Net sales				100.0	%			100.0	%		-				100.0	%			100.0	%		-
Less: Cost of sales
	Cost of goods			48.2				54.0			580				50.2				55.4			520
	Royalty expense			16.5				16.3			(20	)			16.3				16.0			(30	)
	Amortization of tools and molds			0.8				1.2			40				1.0				1.1			10
	Cost of sales			65.5				71.5			600				67.5				72.5			500
		Gross profit		34.5				28.5			600				32.5				27.5			500
Direct selling expenses				3.5				2.6			(90	)			3.8				3.0			(80	)
General and administrative expenses				10.9				9.1			(180	)			15.9				12.7			(320	)
Depreciation and amortization				-				0.1			10				0.1				0.2			10
	Selling, general and administrative expenses			14.4				11.8			(260	)			19.8				15.9			(390	)
Intangibles impairment				-				-			-				-				-			-
		Income from operations		20.1				16.7			340				12.7				11.6			110
Other income (expense):
	Loss from joint ventures			-				-							(0.1	)			-
	Other income (expense), net			-				0.1							0.1				-
	Change in fair value of preferred stock derivative liability			(0.3	)			(2.3	)						(1.1	)			(0.3	)
	Loss on debt extinguishment			-				-							(0.2	)			-
	Interest income			0.1				-							0.1				-
	Interest expense			(0.4	)			(1.4	)						(1.0	)			(1.3	)
Income before provision for income taxes				19.5				13.1							10.5				10.0
Provision for income taxes				4.0				3.6							2.1				2.0
Net income				15.5				9.5							8.4				8.0
Net loss attributable to non-controlling interests				-				-							-				-
Net income attributable to JAKKS Pacific, Inc.				15.5	%			9.5	%						8.4	%			8.0	%
Net income attributable to common stockholders				15.4	%			9.4	%						8.2	%			7.9	%

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 September 30,															Nine Months Ended September 30,
		2023				2022				Δ ($)							2023				2022				Δ ($)
		(In thousands)															(In thousands)
EBITDA and Adjusted EBITDA
Net income		$	48,121			$	30,676			$	17,445						$	48,985			$	52,974			$	(3,989	)
Interest expense			1,436				4,350				(2,914	)						5,741				8,889				(3,148	)
Interest income			(384	)			(55	)			(329	)						(587	)			(64	)			(523	)
Provision for income taxes			12,381				11,572				809							12,476				13,323				(847	)
Depreciation and amortization			4,398				4,258				140							7,982				8,626				(644	)
EBITDA			65,952				50,801				15,151							74,597				83,748				(9,151	)
Adjustments:
Loss from joint ventures (JAKKS Pacific, Inc. - 51%)			-				-				-							276				-				276
Loss from joint ventures (Meisheng - 49%)			-				-				-							289				-				289
Other (income) expense, net			52				(251	)			303							(424	)			(520	)			96
Restricted stock compensation expense			2,025				1,411				614							5,970				3,436				2,534
Change in fair value of preferred stock derivative liability			793				7,449				(6,656	)						6,668				2,065				4,603
Employee Retention Credit/gov't employment support			-				-				-							-				(249	)			249
Molds and tooling capitalization			(1,751	)			-				(1,751	)						(1,751	)			-				(1,751	)
Loss on debt extinguishment			-				-				-							1,023				-				1,023
Adjusted EBITDA		$	67,071			$	59,410			$	7,661						$	86,648			$	88,480			$	(1,832	)
Adjusted EBITDA/Net sales %			21.7	%			18.4	%		330 bps								14.8	%			13.3	%		150 bps
		Trailing Twelve Months Ended September 30,
		2023				2022				Δ ($)
		(In thousands)
TTM EBITDA and TTM Adjusted EBITDA
TTM Net income		$	87,094			$	49,821			$	37,273
Interest expense			8,035				11,090				(3,055	)
Interest income			(650	)			(67	)			(583	)
Provision for (benefit from) income taxes			(41,855	)			13,263				(55,118	)
Depreciation and amortization			9,934				10,012				(78	)
TTM EBITDA			62,558				84,119				(21,561	)
Adjustments:
Loss from joint ventures (JAKKS Pacific, Inc. - 51%)			276				-				276
Loss from joint ventures (Meisheng - 49%)			289				-				289
Other (income) expense, net			(701	)			(710	)			9
Restricted stock compensation expense			7,616				4,149				3,467
Change in fair value of convertible senior notes			-				(76	)			76
Change in fair value of preferred stock derivative liability			5,239				6,272				(1,033	)
Employee Retention Credit/gov't employment support			-				(249	)			249
Molds and tooling capitalization			(1,751	)			-				(1,751	)
Loss on debt extinguishment			1,023				-				1,023
TTM Adjusted EBITDA		$	74,549			$	93,505			$	(18,956	)
TTM Adjusted EBITDA/TTM Net sales %			10.4	%			11.0	%		-59 bps
		Three Months Ended September 30,															Nine Months Ended September 30,
		2023				2022				Δ ($)							2023				2022				Δ ($)
		(In thousands, except per share data)															(In thousands, except per share data)
Adjusted net income (loss) attributable to common stockholders
Net income attributable to common stockholders		$	47,754			$	30,336			$	17,418						$	48,156			$	52,390			$	(4,234	)
Restricted stock compensation expense			2,025				1,411				614							5,970				3,436				2,534
Change in fair value of preferred stock derivative liability			793				7,449				(6,656	)						6,668				2,065				4,603
Loss on debt extinguishment			-				-				-							1,023				-				1,023
Employee Retention Credit/gov't employment support			-				-				-							-				(249	)			249
Loss from joint ventures (JAKKS Pacific, Inc. - 51%)			-				-				-							276				-				276
2021 BSP Term Loan prepayment penalty			-				525				(525	)						150				525				(375	)
Molds and Tooling capitalization			(1,751	)			-				(1,751	)						(1,751	)			-				(1,751	)
Tax impact of additional charges			1,268				(697	)			1,965							(1,079	)			(697	)			(382	)
Adjusted net income attributable to common stockholders		$	50,089			$	39,024			$	11,065						$	59,413			$	57,470			$	1,943
Adjusted earnings per share - basic		$	5.00			$	4.03			$	0.97						$	5.99			$	5.97			$	0.02
Shares used in adjusted earnings per share - basic			10,021				9,695				326							9,922				9,624				298
Adjusted earnings per share - diluted		$	4.75			$	3.80			$	0.95						$	5.66			$	5.68			$	(0.02	)
Shares used in adjusted earnings per share - diluted			10,542				10,260				282							10,503				10,111				392

JAKKS Pacific, Inc. and Subsidiaries
Net Sales by Division and Geographic Region
(In thousands)	QTD Q3											(In thousands)	YTD Q3
Divisions		2023		2022		2021	% Change 2023 v 2022		% Change 2022 v 2021			Divisions		2023		2022		2021	% Change 2023 v 2022		% Change 2022 v 2021
Toys/Consumer Products	$	246,004	$	269,607	$	172,952	-8.8	%	55.9	%		Toys/Consumer Products	$	461,831	$	529,590	$	334,365	-12.8	%	58.4	%
Dolls, Role-Play/Dress Up		139,177		190,452		112,050	-26.9	%	70.0	%		Dolls, Role-Play/Dress Up		246,689		354,644		206,483	-30.4	%	71.8	%
Action Play & Collectibles		93,717		65,752		37,587	42.5	%	74.9	%		Action Play & Collectibles		184,134		134,620		73,614	36.8	%	82.9	%
Outdoor/Seasonal Toys		13,110		13,403		23,315	-2.2	%	-42.5	%		Outdoor/Seasonal Toys		31,008		40,326		54,268	-23.1	%	-25.7	%
Costumes	$	63,740	$	53,391	$	64,005	19.4	%	-16.6	%		Costumes		122,330		134,711		98,787	-9.2	%	36.4	%
Total	$	309,744	$	322,998	$	236,957	-4.1	%	36.3	%		Total	$	584,161	$	664,301	$	433,152	-12.1	%	53.4	%
(In thousands)	QTD Q3											(In thousands)	YTD Q3
Regions		2023		2022		2021	% Change 2023 v 2022		% Change 2022 v 2021			Regions		2023		2022		2021	% Change 2023 v 2022		% Change 2022 v 2021
United States	$	244,931	$	253,854	$	199,136	-3.5	%	27.5	%		United States	$	461,561	$	543,388	$	363,317	-15.1	%	49.6	%
Europe		31,676		38,075		20,836	-16.8	%	82.7	%		Europe		58,476		65,911		38,103	-11.3	%	73.0	%
Canada		11,453		12,804		8,094	-10.6	%	58.2	%		Canada		22,306		21,720		12,403	2.7	%	75.1	%
Latin America		15,319		9,504		4,503	61.2	%	111.1	%		Latin America		27,590		15,712		8,123	75.6	%	93.4	%
Asia		3,192		4,294		2,635	-25.7	%	63.0	%		Asia		6,403		8,733		6,214	-26.7	%	40.5	%
Australia & New Zealand		2,692		3,941		1,490	-31.7	%	164.5	%		Australia & New Zealand		6,056		7,014		3,927	-13.7	%	78.6	%
Middle East & Africa		481		526		263	-8.6	%	100.0	%		Middle East & Africa		1,769		1,823		1,065	-3.0	%	71.2	%
Total	$	309,744	$	322,998	$	236,957	-4.1	%	36.3	%		Total	$	584,161	$	664,301	$	433,152	-12.1	%	53.4	%
(In thousands)	QTD Q3											(In thousands)	YTD Q3
Regions		2023		2022		2021	% Change 2023 v 2022		% Change 2022 v 2021			Regions		2023		2022		2021	% Change 2023 v 2022		% Change 2022 v 2021
North America	$	256,384	$	266,658	$	207,230	-3.9	%	28.7	%		North America	$	483,867	$	565,108	$	375,720	-14.4	%	50.4	%
International		53,360		56,340		29,727	-5.3	%	89.5	%		International		100,294		99,193		57,432	1.1	%	72.7	%
Total	$	309,744	$	322,998	$	236,957	-4.1	%	36.3	%		Total	$	584,161	$	664,301	$	433,152	-12.1	%	53.4	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231101232038/en/

JAKKS Pacific Investor Relations

(424) 268-9567

Lucas Natalini

investors@jakks.net

Source: JAKKS Pacific, Inc.

FAQ

What is the ticker symbol of JAKKS Pacific, Inc.?

The ticker symbol of JAKKS Pacific, Inc. is JAKK.

What were the net sales in Q3 2023?

The net sales in Q3 2023 were $309.7 million.

What was the gross margin in Q3 2023?

The gross margin in Q3 2023 was 34.5%.

What was the operating income in Q3 2023?

The operating income in Q3 2023 was $62.4 million.

What was the net income attributable to common stockholders in Q3 2023?

The net income attributable to common stockholders in Q3 2023 was $47.8 million or $4.53 per diluted share.