Press release
Funko Reports Third Quarter 2021 Sales of $267.7 Million, Up 40.0%
Record Quarter Results Driven by Broad-Based Strength Across Products, Channels, and Geographies EVERETT, Wash.--(BUSINESS WIRE)-- Funko, Inc. ("Funko,” or
About this update from Funko, Inc.
[{"type":"text","content":"\nRecord Quarter Results Driven by Broad-Based Strength Across Products, Channels, and Geographies\n\n EVERETT, Wash.--(BUSINESS WIRE)--\nFunko, Inc. (\"Funko,” or the “Company”) (Nasdaq: FNKO), a leading pop culture consumer products company, today reported its consolidated financial results for the third quarter ended September 30, 2021.\n\nThird Quarter 2021 Financial Highlights\n\n\nNet sales increased 40.0% y/y to $267.7 million\n\n\nNet income increased 17.8% y/y to $18.4 million\n\n\nNet income margin declined 130 basis points y/y to 6.9%\n\n\nAdjusted EBITDA2 increased 11.0% y/y to $40.2 million\n\n\nAdjusted EBITDA margin2 declined 390 basis points y/y to 15.0%\n\n\nCash flow from operations of $78.8 million for the nine months ended September 30, 2021\n\n\nTotal liquidity3 increased 80.8% y/y to $193.2 million\n\n\nThird Quarter 2021 and Recent Operating Highlights\n\n\nExceeded Q3 expectations and raised full year guidance despite unprecedented supply chain headwinds.\n\n\nAll-time high demand levels driving broad-based strength in all geographies - U.S. net sales increased 35.7% y/y to $191.3 million, Europe net sales increased 65.7% y/y to $58.9 million, and Other International net sales rose 19.1% y/y to $17.6 million.\n\n\nPop! branded products grew 41.3% on strong evergreen product sales (evergreen properties comprised 66% of total net sales) and a robust calendar of new content.\n\n\nNet sales of Other (non-figure) products increased 33.8%, led by Loungefly branded products which grew 36.3%.\n\n\nDirect-to-consumer sales increased 88% y/y and now comprise 11% of net sales, driven by sustained traffic growth and increased e-commerce efficiency.\n\n\nDeveloped three brand new events (Alice In Wonderland Black Light Event; FunKon; Batman Day), with record single-day direct-to-consumer net sales.\n\n\nLaunched multiple Digital Pop! NFT Collections, all of which sold out in minutes.\n\n\nIn partnership with TokenWave, Funko officially opened our new digital marketplace, Droppp.io. Droppp.io creates a more accessible, user-friendly interface as we build out our digital products business.\n\n\n\"We are thrilled to report another exceptionally strong quarter, with broad-based strength across our product categories, geographies and channels,\" said Andrew Perlmutter, President. \"This performance caps off a tremendous fi...