Press release
Funko Reports Fourth Quarter 2022 and Fiscal Year 2022 Financial Results and Introduces Outlook for Fiscal Year 2023
EVERETT, Wash.--(BUSINESS WIRE)-- Funko, Inc. ("Funko,” or the “Company”) (Nasdaq: FNKO), a leading pop culture lifestyle brand, today reported its
About this update from Funko, Inc.
[{"type":"text","content":" EVERETT, Wash.--(BUSINESS WIRE)--\nFunko, Inc. (\"Funko,” or the “Company”) (Nasdaq: FNKO), a leading pop culture lifestyle brand, today reported its consolidated financial results for the fourth quarter and fiscal year ended December 31, 2022. The Company also introduced financial guidance for the first quarter and fiscal year 2023.\n\n\"During the fourth quarter and in early 2023, we have made progress in addressing operational issues that impacted our results in the second half of 2022. We have strengthened our executive and operational management team and have taken significant steps to improve our operating efficiency. We are gratified that the Funko brands continue to see strong consumer demand from our incredibly loyal and resilient global fanbase, as demonstrated by 37% direct-to-consumer growth and strong sell-through in the fourth quarter,\" said Brian Mariotti, Chief Executive Officer.\n\n\"As we move forward, we remain laser focused with a high sense of urgency to build an operating foundation to support the long-term growth opportunities we envision for Funko, our partners and stakeholders.\"\n\nFourth Quarter 2022 Financial Summary (Compared to Fourth Quarter 2021)\n\n\nNet sales decreased 1% to $333.0 million\n\n\nNet income decreased 368% to $(46.7) million\n\n\nAdjusted EBITDA1 decreased 116% to $(6.3) million\n\n\nGAAP loss per diluted share of $(0.89)\n\n\nAdjusted loss per diluted share of $(0.35)\n\n\nFiscal Year 2022 Financial Summary (Compared to Full Fiscal Year 2021)\n\n\nNet sales increased 29% to $1.3 billion\n\n\nNet income decreased 108% to $(5.2) million\n\n\nAdjusted EBITDA1 decreased 35% to $97.4 million\n\n\nNet income margin contracted -699 basis points to (0.4)%\n\n\nAdjusted EBITDA margin1 decreased 720 basis points to 7.4%\n\n\nGAAP loss per diluted share of $(0.18)\n\n\nAdjusted earnings per diluted share of $0.57\n\n\nCompany announced $150 million to $180 million in anticipated annualized cost saving initiatives\n\n\nSteve Nave Appointed As Chief Financial Officer and Chief Operating Officer\n\nIn a separate release today, Funko announced that Steve Nave has been appointed Chief Financial Officer and Chief Operating Officer, effective immediately.\n\nFourth Quarter 2022 Financial Results\n\nThe tables below show the breakdown of net sales on a geographic and branded product basis (in thou...