Press release
CORRECTING and REPLACING Funko Reports Record Third Quarter 2022 Sales of $365.6 million, Up 36.6%
Sustained Growth Driven by Broad-Based Strength Across Reported Brand Categories, Channels, and Geographies EVERETT, Wash.--(BUSINESS WIRE)-- The Outlook
About this update from Funko, Inc.
[{"type":"text","content":"\nSustained Growth Driven by Broad-Based Strength Across Reported Brand Categories, Channels, and Geographies\n\n EVERETT, Wash.--(BUSINESS WIRE)--\nThe Outlook paragraph of the release dated November 3, 2022 has been updated to read: “… Adjusted Net Income2 of $39 million to $41 million, based on a blended tax rate of 25%; and Adjusted Earnings per Diluted Share2 of $0.70 to $0.80, based on estimated adjusted average diluted shares outstanding of 55.2 million for the full year.” This replaces the following language from the original release: “… Adjusted Net Income2 of $47 million to $49 million, based on a blended tax rate of 25%; and Adjusted Earnings per Diluted Share2 of $0.85 to $0.95, based on estimated adjusted average diluted shares outstanding of 55.2 million for the full year.”. This change is consistent with the prepared remarks we shared on our earnings call on November 3, 2022.\n\nThe updated release reads:\n\nFUNKO REPORTS RECORD THIRD QUARTER 2022 SALES OF $365.6 MILLION, UP 36.6%\n\nSustained Growth Driven by Broad-Based Strength Across Reported Brand Categories, Channels, and Geographies\n\nFunko, Inc. (\"Funko,” or the “Company”) (Nasdaq: FNKO), a leading pop culture lifestyle brand, today reported its consolidated financial results for the third quarter ended September 30, 2022.\n\n\"We delivered another quarter of record net sales growth, with robust demand across our brand portfolio. Our sustained success is a testament to our employees, our partners, and our loyal and highly engaged fan base,\" said Andrew Perlmutter, Chief Executive Officer. \"As we continue to support our rapid growth, we are making needed short-term investments to upgrade our infrastructure to help provide the capability and capacity to support our future growth.\"\n\nThird Quarter 2022 Financial Summary Versus Prior Year\n\n\nNet sales increased 36.6% to $365.6 million\n\n\nGross profit increased 32.6% to $127.9 million\n\n\nGross margin1 contracted 100 basis points to 35.0%\n\n\nNet income decreased 39.3% to $11.1 million\n\n\nNet income margin1 contracted 390 basis points to 3.0%\n\n\nAdjusted EBITDA2 decreased 11.2% to $35.7 million\n\n\nAdjusted EBITDA margin2 contracted 520 basis points to 9.8%\n\n\nCash flow used in operations of $64.7 million for the nine months ended September 30, 2022\n\n\nTotal liquidity3 of $150.1 million com...