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JAKKS Pacific Reports Third Quarter 2024 Financial Results

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JAKKS Pacific reported Q3 2024 financial results with net sales of $321.6 million, up 4% year-over-year. Toys/Consumer Products sales increased 7% to $264.3 million, while Costumes sales decreased 10% to $57.3 million. Operating income rose 9% to $68.1 million, with net income reaching $52.3 million or $4.64 per diluted share. Gross margin was 33.8%, down 70 basis points from Q3 2023. The company showed strong performance in Dolls, Role Play/Dress-Up (+5.5%), Action Play & Collectibles (+5.4%), and Outdoor/Seasonal Toys (+42.4%), despite weakness in the Costumes segment.

JAKKS Pacific ha riportato i risultati finanziari del terzo trimestre 2024 con vendite nette di 321,6 milioni di dollari, in aumento del 4% rispetto all'anno precedente. Le vendite di Giochi/Prodotti di Consumo sono aumentate del 7%, raggiungendo i 264,3 milioni di dollari, mentre le vendite di Costumi sono diminuite del 10%, attestandosi a 57,3 milioni di dollari. Il reddito operativo è aumentato del 9%, arrivando a 68,1 milioni di dollari, con un reddito netto di 52,3 milioni di dollari, pari a 4,64 dollari per azione diluita. Il margine lordo è stato del 33,8%, in calo di 70 punti base rispetto al terzo trimestre 2023. L'azienda ha mostrato una forte performance in Bambole, Gioco di Ruolo/Vestirsi (+5,5%), Giocattoli d'Azione e Collezionabili (+5,4%), e Giocattoli Esterni/Stagionali (+42,4%), nonostante la debolezza nel segmento dei Costumi.

JAKKS Pacific reportó los resultados financieros del tercer trimestre de 2024 con ventas netas de 321,6 millones de dólares, un aumento del 4% en comparación con el año anterior. Las ventas de Juguetes/Productos de Consumo aumentaron un 7%, alcanzando los 264,3 millones de dólares, mientras que las ventas de Disfraces disminuyeron un 10%, con 57,3 millones de dólares. El ingreso operativo subió un 9%, llegando a 68,1 millones de dólares, y el ingreso neto alcanzó los 52,3 millones de dólares o 4,64 dólares por acción diluida. El margen bruto fue del 33,8%, 70 puntos base menos que en el tercer trimestre de 2023. La compañía mostró un rendimiento sólido en Muñecas, Juego de Roles/Vestirse (+5,5%), Juguetes de Acción y Coleccionables (+5,4%) y Juguetes de Exterior/Estacionales (+42,4%), a pesar de la debilidad en el segmento de Disfraces.

JAKKS Pacific는 2024년 3분기 재무 결과를 발표하며 순매출이 3억 2,160만 달러로 전년 대비 4% 증가했다고 보고했습니다. 장난감/소비자 제품 매출은 7% 증가하여 2억 6,430만 달러에 달했으며, 의상 매출은 10% 감소하여 5,730만 달러로 집계되었습니다. 운영 소득은 9% 증가하여 6,810만 달러에 도달했고, 순소득은 5,230만 달러 또는 희석 주당 4.64 달러에 달했습니다. 총 마진은 33.8%로, 2023년 3분기보다 70bp 감소했습니다. 회사는 인형, 역할놀이/옷 입기(+5.5%), 액션 놀이 및 수집품(+5.4%), 야외/시즌 장난감(+42.4%)에서 강력한 성과를 보였지만 의상 부문에서 약세를 보였습니다.

JAKKS Pacific a présenté les résultats financiers du troisième trimestre 2024, avec des ventes nettes de 321,6 millions de dollars, en hausse de 4 % par rapport à l'année précédente. Les ventes de Jouets/Produits de consommation ont augmenté de 7 %, atteignant 264,3 millions de dollars, tandis que les ventes de Costumes ont diminué de 10 %, s'établissant à 57,3 millions de dollars. Le revenu d'exploitation a augmenté de 9 %, atteignant 68,1 millions de dollars, avec un revenu net de 52,3 millions de dollars ou 4,64 dollars par action diluée. La marge brute était de 33,8 %, en baisse de 70 points de base par rapport au troisième trimestre 2023. L'entreprise a montré de solides performances dans les catégories Poupées, Jeux de rôle/Vêtements (+5,5 %), Jouets d’action et objets de collection (+5,4 %) et Jouets d'extérieur/Saison (+42,4 %), malgré la faiblesse du segment des Costumes.

JAKKS Pacific hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit einem Nettoumsatz von 321,6 Millionen Dollar, was einem Anstieg von 4% im Vergleich zum Vorjahr entspricht. Die Verkaufszahlen von Spielzeugen/Konsumgütern stiegen um 7% auf 264,3 Millionen Dollar, während die Verkaufszahlen von Kostümen um 10% auf 57,3 Millionen Dollar sanken. Das Betriebsergebnis stieg um 9% auf 68,1 Millionen Dollar, mit einem Nettogewinn von 52,3 Millionen Dollar oder 4,64 Dollar pro verwässerter Aktie. Die Bruttomarge lag bei 33,8%, was einem Rückgang um 70 Basispunkte im Vergleich zum dritten Quartal 2023 entspricht. Das Unternehmen zeigte starke Leistungen bei Puppen, Rollenspielen/Kostümierung (+5,5%), Actionspielzeug und Sammlerstücke (+5,4%) sowie bei Outdoor/Saison-Spielzeug (+42,4%), trotz Schwächen im Kostümsegment.

Positive
  • Q3 net sales increased 4% to $321.6 million
  • Operating income grew 9% to $68.1 million
  • Net income rose to $52.3 million vs $47.8 million in Q3 2023
  • Toys/Consumer Products sales up 7% globally
  • Outdoor/Seasonal Toys segment showed strong growth of 42.4%
Negative
  • Costumes sales declined 10% in Q3
  • Year-to-date gross profit down 6% to $177.5 million
  • Gross margin decreased 70 basis points to 33.8%
  • Trailing twelve month Adjusted EBITDA decreased to $58.5 million from $74.5 million
  • Cash position declined to $22.3 million from $96.4 million year-over-year

Insights

JAKKS Pacific delivered a solid Q3 performance with several key positive indicators. $321.6M in net sales represents a 4% YoY growth, while operating income increased by 9% to $68.1M. The core Toys/Consumer Products segment showed particular strength, growing 7% globally.

Notable metrics include improved operating margin at 21.2% and diluted EPS of $4.64, up from $4.53 in Q3 2023. However, there are some concerns: gross margin declined 70 basis points to 33.8% and the Costumes segment showed weakness with a 10% decline. The significant drop in cash position from $96.4M to $22.3M YoY warrants attention.

The trailing twelve-month Adjusted EBITDA margin compression from 10.4% to 8.5% suggests some operational efficiency challenges, though Q3's strong performance may indicate a turning point.

Q3 Net Sales Increased 4% vs. prior year; Q3 Operating Income up 9% vs. prior year

SANTA MONICA, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- JAKKS Pacific, Inc. (NASDAQ: JAKK) today reported financial results for the third quarter and nine months ended September 30, 2024.

Third Quarter 2024 Overview

  • Net sales were $321.6 million, a year-over-year increase of 4%
    • Toys/Consumer Products net sales were $264.3 million, a year-over-year increase of 7%
      • Toys/Consumer Products net sales year-to-date are $451.8 million, a year-over-year decrease of 2%   
    • Costumes net sales were $57.3 million, a year-over-year decrease of 10%
      • Costumes net sales year-to-date are $108.5 million, a year-over-year decrease of 11%
  • Gross margin of 33.8%, down 70 basis points vs. Q3 2023
  • Gross profit of $108.8 million, up 2% compared to $107.0 million in Q3 2023
    • Year-to-date gross profit of $177.5 million, down 6% compared to $189.6 million in the comparable period in 2023
  • Operating income of $68.1 million (21.2% of net sales) in Q3 2024 vs. $62.4 million (20.1% of net sales) in Q3 2023
  • Net income attributable to common stockholders of $52.3 million or $4.64 per diluted share, compared to net income attributable to common stockholders of $47.8 million or $4.53 per diluted share in Q3 2023
  • Adjusted net income attributable to common stockholders (a non-GAAP measure) of $54.0 million or $4.79 per diluted share, compared to adjusted net income attributable to common stockholders of $50.1 million or $4.75 per diluted share in Q3 2023
  • Adjusted EBITDA (a non-GAAP measure) of $74.4 million vs. $67.1 million in Q3 2023
    • Trailing twelve month Adjusted EBITDA of $58.5 million (8.5% of trailing twelve months net sales) down from $74.5 million (10.4% of net sales) in the trailing twelve months ended September 2023.

Management Commentary
“We’re pleased to share the results of a very strong third quarter. For many years, our largest shipping quarter has been the third driven by our focus on the FOB selling model. This year is no exception, with the US business having its biggest shipping quarter in ten years. The yearly plan is on track to reach its goals. With some difficult first-half revenue comparisons behind us, total company sales increased 4% year-over-year in the quarter. Our gross margins remained strong at 33.8%, and our overhead-related cost growth slowed to deliver quarterly operating margin of 21.2%, a slight improvement over last year. Each of our Toys/Consumer Products divisions delivered sales growth in the quarter. Dolls, Role Play/Dress-Up was up 5.5% to $146.9 million, Action Play & Collectibles was up 5.4% to $98.8 million and Outdoor/Seasonal Toys was up 42.4% to $18.7 million.

“Our Costumes business, as anticipated, reflected softness due to customers recalibrating to lower Halloween consumer demand for costumes versus prior year. Globally, Costumes were down 10.1% in the quarter and 11.3% year-to-date.

We are encouraged by some of the early consumer reactions to our new Fall 2024 products. We are now confident about finishing out this year as planned while building on retail momentum to deliver a robust 2025.”

Additional Third Quarter and Year-to-Date 2024 Highlights
The Toys/Consumer Products segment sales were up 7% globally (6.4% North America; 11.5% International) and sales of Disguise costumes were down 10% compared to last year (-11.6% North America; 6.5% International).

Year-to-date adjusted net income attributable to common stockholders (a non-GAAP measure) was $50.0 million ($4.50 per diluted share), compared to $59.4 million ($5.66 per diluted share) in the first nine months of 2023.

Year-to-date adjusted EBITDA of $69.4 million (12.4% of net sales) declined from $86.6 million (14.8% of net sales) in the comparable 2023 period.

Balance Sheet Highlights
The Company’s cash and cash equivalents (including restricted cash) totaled $22.3 million as of September 30, 2024 compared to $96.4 million as of September 30, 2023, and $72.6 million as of December 31, 2023.

Inventory was $63.5 million, compared to $68.8 million as of September 30, 2023 and $52.6 million as of December 31, 2023.

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 October 30, 2024. 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 (3Q24 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)  
      
     September 30, December 31, 
      2024   2023   2023    
     (In thousands)   
Assets     
Current assets:         
 Cash and cash equivalents $22,070  $96,252  $72,350    
 Restricted cash  214   195   204    
 Accounts receivable, net  290,424   206,751   123,797    
 Inventory  63,509   68,832   52,647    
 Prepaid expenses and other assets  8,082   6,721   6,374    
  Total current assets  384,299   378,751   255,372    
             
Property and equipment  144,072   135,821   135,956    
Less accumulated depreciation and amortization  128,947   121,193   121,357    
 Property and equipment, net  15,125   14,628   14,599    
             
Operating lease right-of-use assets, net  19,242   25,743   23,592    
Deferred income tax assets, net  68,187   57,856   68,143    
Goodwill  35,102   35,083   35,083    
Other long-term assets  1,923   2,220   2,162    
  Total assets $523,878  $514,281  $398,951    
             
             
Liabilities, Preferred Stock and Stockholders' Equity  
             
Current liabilities:         
 Accounts payable $98,928  $94,409  $42,177    
 Accounts payable - Meisheng (related party)  35,011   27,977   12,259    
 Accrued expenses  71,748   65,609   45,102    
 Reserve for sales returns and allowances  40,837   43,512   38,531    
 Income taxes payable  -   17,422   3,785    
 Short term operating lease liabilities  7,405   6,415   7,380    
  Total current liabilities  253,929   255,344   149,234    
             
Long term operating lease liabilities  14,536   19,283   16,666    
Accrued expenses - long term  1,824   3,750   3,746    
Preferred stock derivative liability  -   28,586   29,947    
Income taxes payable  3,523   2,994   3,245    
  Total liabilities  273,812   309,957   202,838    
             
Preferred stock accrued dividends  -   5,608   5,992    
             
Stockholders' equity:         
 Common stock, $.001 par value  11   10   10    
 Additional paid-in capital  295,400   277,546   278,642    
 Accumulated deficit  (30,579)  (62,744)  (73,612)   
 Accumulated other comprehensive loss  (15,266)  (16,808)  (15,627)   
  Total JAKKS Pacific, Inc. stockholders' equity  249,566   198,004   189,413    
 Non-controlling interests  500   712   708    
  Total stockholders' equity  250,066   198,716   190,121    
  Total liabilities, preferred stock and stockholders' equity $523,878  $514,281  $398,951    
             
             
Supplemental Balance Sheet and Cash Flow Data (Unaudited)  
             
       September 30,   
Key Balance Sheet Data:    2024   2023    
             
Accounts receivable days sales outstanding (DSO)    83   61    
Inventory turnover (DSI)    27   31    
             
       Nine Months Ended September 30,   
          
Condensed Cash Flow Data:    2024   2023    
             
Cash flows provided by (used in) operating activities   $(15,181) $89,421    
Cash flows used in investing activities    (8,989)  (7,427)   
Cash flows used in financing activities and other    (26,100)  (71,037)   
Increase in cash, cash equivalents and restricted cash   $(50,270) $10,957    
             
Capital expenditures   $(7,344) $(7,464)   
             



  JAKKS Pacific, Inc. and Subsidiaries  
  Condensed Consolidated Statements of Operations (Unaudited)  
         
   Three Months Ended September 30,        Nine Months Ended September 30,        
    2024    2023  Δ (%)   2024    2023  Δ (%)  
   (In thousands, except per share data)    (In thousands, except per share data)    
                   
Net sales$321,606   $309,744  4 % $560,301   $584,161  (4)% 
Less: Cost of sales                
 Cost of goods 158,770    149,052  7    289,190    293,512  (1)  
 Royalty expense 50,011    51,141  (2)   86,181    95,074  (9)  
 Amortization of tools and molds 3,994    2,566  56    7,462    5,955  25   
 Cost of sales 212,775    202,759  5    382,833    394,541  (3)  
  Gross profit 108,831    106,985  2    177,468    189,620  (6)  
Direct selling expenses 7,552    10,684  (29)   21,904    22,405  (2)  
General and administrative expenses 33,101    33,821  (2)   100,887    92,492  9   
Depreciation and amortization 95    81  17    275    276  -   
 Selling, general and administrative expenses 40,748    44,586  (9)   123,066    115,173  7   
  Income from operations 68,083    62,399  9    54,402    74,447  (27)  
Other income (expense):                
 Loss from joint ventures -    -  -    -    (565) nm  
 Other income (expense), net 84    (52) nm   294    424  (31)  
 Change in fair value of preferred stock derivative liability -    (793) nm   -    (6,668) nm  
 Loss on debt extinguishment -    -  -    -    (1,023) nm  
 Interest income 69    384  (82)   533    587  (9)  
 Interest expense (539)   (1,436) (62)   (938)   (5,741) (84)  
Income before provision for income taxes 67,697    60,502  12    54,291    61,461  (12)  
Provision for income taxes 15,425    12,381  25    10,978    12,476  (12)  
Net income 52,272    48,121  9    43,313    48,985  (12)  
Net income (loss) attributable to non-controlling interests -    (11) nm   280    (289) nm  
Net income attributable to JAKKS Pacific, Inc.$52,272   $48,132  9 % $43,033   $49,274  (13)% 
Net income attributable to common stockholders$52,272   $47,754  9 % $44,363   $48,156  (8)% 
 Earnings per share - basic$4.78   $4.77     $4.14   $4.85     
 Shares used in earnings per share - basic 10,942    10,021      10,704    9,922     
 Earnings per share - diluted$4.64   $4.53     $3.99   $4.58     
 Shares used in earnings per share - diluted 11,275    10,542      11,106    10,503     
                   
   Three Months Ended September 30,    Nine Months Ended September 30,    
           
    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 49.4    48.2  (120)   51.6    50.2  (140)  
 Royalty expense 15.6    16.5  90    15.4    16.3  90   
 Amortization of tools and molds 1.2    0.8  (40.0)   1.3    1.0  (30)  
 Cost of sales 66.2    65.5  (70)   68.3    67.5  (80)  
  Gross profit 33.8    34.5  (70)   31.7    32.5  (80)  
Direct selling expenses 2.3    3.5  120    3.9    3.8  (10)  
General and administrative expenses 10.3    10.9  60    18.1    15.9  (220)  
Depreciation and amortization -    -  -    -    0.1  10   
 Selling, general and administrative expenses 12.6    14.4  180    22.0    19.8  (220)  
  Income from operations 21.2    20.1  110    9.7    12.7  (300)  
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)     -    (1.1)    
 Loss on debt extinguishment -    -      -    (0.2)    
 Interest income -    0.1      0.1    0.1     
 Interest expense (0.2)   (0.4)     (0.2)   (1.0)    
Income before provision for income taxes 21.0    19.5      9.7    10.5     
Provision for income taxes 4.7    4.0      2.0    2.1     
Net income 16.3    15.5      7.7    8.4     
Net income (loss) attributable to non-controlling interests -    -      -    -     
Net income attributable to JAKKS Pacific, Inc. 16.3 %  15.5 %    7.7 %  8.4 %   
Net income attributable to common stockholders 16.3 %  15.4 %    7.9 %  8.2 %   
                   



JAKKS Pacific, Inc. and Subsidiaries 
Reconciliation of Non-GAAP Financial Information (Unaudited) 
                   
  Three Months Ended September 30,     Nine Months Ended September 30,      
             
   2024   2023  Δ ($)    2024   2023  Δ ($)    
  (In thousands)     (In thousands)      
EBITDA and Adjusted EBITDA                  
Net income $52,272  $48,121  $4,151    $43,313  $48,985  $(5,672)    
  Interest expense  539   1,436   (897)    938   5,741   (4,803)    
  Interest income  (69)  (384)  315     (533)  (587)  54     
  Provision for income taxes  15,425   12,381   3,044     10,978   12,476   (1,498)    
  Depreciation and amortization  4,089   4,398   (309)    7,737   7,982   (245)    
EBITDA  72,256   65,952   6,304     62,433   74,597   (12,164)    
Adjustments:                  
Loss from joint ventures (JAKKS Pacific, Inc. - 51%)  -   -   -     -   276   (276)    
Loss from joint ventures (Meisheng - 49%)  -   -   -     -   289   (289)    
Other (income) expense, net  (84)  52   (136)    (294)  (424)  130     
Restricted stock compensation expense  2,186   2,025   161     7,280   5,970   1,310     
Change in fair value of preferred stock derivative liability  -   793   (793)    -   6,668   (6,668)    
Loss on debt extinguishment  -   -   -     -   1,023   (1,023)    
Adjusted EBITDA $74,358  $67,071  $7,287    $69,419  $86,648  $(17,229)    
Adjusted EBITDA/Net sales %  23.1 % 21.7 %140 bps    12.4 % 14.8 %-240 bps    
                   
                   
  Trailing Twelve Months Ended September 30,              
                
   2024   2023  Δ ($)            
  (In thousands)              
TTM EBITDA and TTM Adjusted EBITDA                  
TTM net income $32,441  $87,094  $(54,653)            
  Interest expense  1,648   8,035   (6,387)            
  Interest income  (1,290)  (650)  (640)            
  Provision for (benefit from) income taxes  5,335   (41,855)  47,190             
  Depreciation and amortization  10,091   9,934   157             
TTM EBITDA  48,225   62,558   (14,333)            
Adjustments:                  
Loss from joint ventures (JAKKS Pacific, Inc. - 51%)  -   276   (276)            
Loss from joint ventures (Meisheng - 49%)  -   289   (289)            
Other (income) expense, net  (433)  (701)  268             
Restricted stock compensation expense  9,337   7,616   1,721             
Change in fair value of preferred stock derivative liability  1,361   5,239   (3,878)            
Molds and tooling capitalization  -   (1,751)  1,751             
Loss on debt extinguishment  -   1,023   (1,023)            
TTM Adjusted EBITDA $58,490  $74,549  $(16,059) (22)%         
TTM Adjusted EBITDA/TTM Net sales %  8.5 % 10.4 %-190 bps            
                   
                   
  Three Months Ended September 30,     Nine Months Ended September 30,      
   2024   2023  Δ ($)    2024   2023  Δ ($)    
  (In thousands, except per share data)     (In thousands, except per share data)      
Adjusted net income attributable to common stockholders                  
Net income attributable to common stockholders $52,272  $47,754  $4,518    $44,363  $48,156  $(3,793)    
Restricted stock compensation expense  2,186   2,025   161     7,280   5,970   1,310     
Change in fair value of preferred stock derivative liability  -   793   (793)    -   6,668   (6,668)    
Loss on debt extinguishment  -   -   -     -   1,023   (1,023)    
Loss from joint ventures (JAKKS Pacific, Inc. - 51%)  -   -   -     -   276   (276)    
2021 BSP Term Loan prepayment penalty  -   -   -     -   150   (150)    
Molds and Tooling capitalization  -   (1,751)  1,751     -   (1,751)  1,751     
Tax impact of additional charges  (494)  1,268   (1,762)    (1,681)  (1,079)  (602)    
Adjusted net income attributable to common stockholders $53,964  $50,089  $3,875    $49,962  $59,413  $(9,451)    
Adjusted earnings per share - basic & diluted $4.93  $5.00  $(0.07)   $4.67  $5.99  $(1.32)    
Shares used in adjusted earnings per share - basic  10,942   10,021   921     10,704   9,922   782     
Adjusted earnings per share - diluted $4.79  $4.75  $0.04    $4.50  $5.66  $(1.16)    
Shares used in adjusted earnings per share - diluted  11,275   10,542   733     11,106   10,503   603     
                   



JAKKS Pacific, Inc. and Subsidiaries
Net Sales by Division and Geographic Region
             
             
(In thousands)QTD Q3 (In thousands)YTD Q3
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$264,306$246,004$269,6077.4%-8.8% Toys/Consumer Products$451,786$461,831$529,590-2.2%-12.8%
Dolls, Role-Play/Dress Up 146,893 139,177 190,4525.5%-26.9% Dolls, Role-Play/Dress Up 251,075 246,689 354,6441.8%-30.4%
Action Play & Collectibles 98,750 93,717 65,7525.4%42.5% Action Play & Collectibles 168,313 184,134 134,620-8.6%36.8%
Outdoor/Seasonal Toys 18,663 13,110 13,40342.4%-2.2% Outdoor/Seasonal Toys 32,398 31,008 40,3264.5%-23.1%
Costumes$57,300$63,740$53,391-10.1%19.4% Costumes$108,515$122,330$134,711-11.3%-9.2%
Total$ 321,606$ 309,744$ 322,9983.8%-4.1% Total$ 560,301$ 584,161$ 664,301-4.1%-12.1%
             
             
             
(In thousands)QTD Q3 (In thousands)YTD Q3
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$255,278$244,931$253,8544.2%-3.5% United States$451,545$461,561$543,388-2.2%-15.1%
Europe 30,034 31,676 38,075-5.2%-16.8% Europe 46,033 58,476 65,911-21.3%-11.3%
Latin America 22,632 15,319 9,50447.7%61.2% Latin America 33,867 27,590 15,71222.8%75.6%
Canada 7,068 11,453 12,804-38.3%-10.6% Canada 16,726 22,306 21,720-25.0%2.7%
Asia 2,345 3,192 4,294-26.5%-25.7% Asia 4,578 6,403 8,733-28.5%-26.7%
Australia & New Zealand 3,339 2,692 3,94124.0%-31.7% Australia & New Zealand 6,292 6,056 7,0143.9%-13.7%
Middle East & Africa 910 481 52689.2%-8.6% Middle East & Africa 1,260 1,769 1,823-28.8%-3.0%
Total$ 321,606$ 309,744$ 322,9983.8%-4.1% Total$ 560,301$ 584,161$ 664,301-4.1%-12.1%
             
             
(In thousands)QTD Q3 (In thousands)YTD Q3
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$262,346$256,384$266,6582.3%-3.9% North America$468,271$483,867$565,108-3.2%-14.4%
International 59,260 53,360 56,34011.1%-5.3% International 92,030 100,294 99,193-8.2%1.1%
Total$ 321,606$ 309,744$ 322,9983.8%-4.1% Total$ 560,301$ 584,161$ 664,301-4.1%-12.1%
             



FAQ

What was JAKK's Q3 2024 revenue growth?

JAKK reported Q3 2024 net sales of $321.6 million, representing a 4% increase compared to the same period last year.

How did JAKK's Toys/Consumer Products segment perform in Q3 2024?

The Toys/Consumer Products segment sales increased 7% globally, with North America up 6.4% and International up 11.5%.

What was JAKK's earnings per share in Q3 2024?

JAKK reported earnings of $4.64 per diluted share in Q3 2024, compared to $4.53 per diluted share in Q3 2023.

How did JAKK's Costumes segment perform in Q3 2024?

JAKK's Costumes segment sales decreased by 10% to $57.3 million in Q3 2024 due to lower Halloween consumer demand.

Jakks Pacific Inc

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331.95M
10.99M
26.48%
51.27%
2.91%
Leisure
Games, Toys & Children's Vehicles (no Dolls & Bicycles)
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United States of America
SANTA MONICA