\nJAKKS Pacific, Inc. [NASDAQ: JAKK] today reported financial results for the first quarter ended March 31, 2023.<\/p>\n
First Quarter 2023 Overview:<\/b><\/p>\n Management Commentary<\/b><\/p>\n \n\u201cWe are pleased with our year-to-date performance as we close the first quarter,\u201d said Stephen Berman, JAKKS Pacific Inc.\u2019s Chairman and CEO, \u201cand are excited about the possibilities for the remainder of the year. We shipped over $100 million worth of product in Q1 for the second consecutive year and it is the first time we\u2019ve done that in back-to-back years since 2009. We have challenging revenue comparisons all year, but our significant gross margin improvement lessened the impact in the first quarter. Our Q1 gross profit dollars haven\u2019t been this high since 2015. We managed inventory down further and eliminated most of our temporary warehouse capacity. And, as we previously disclosed, earlier in the quarter we paid down our long-term debt to less than $30 million.<\/p>\n \n\u201cOur Q1 International business grew, with Toys\/Consumer Products increasing 7% to $20.0 million and Costumes increasing 64% to $3.0 million, with Latin American being particularly strong. On a global basis, our Action Play and Collectible business was up 19% or $6.1 million which helped compensate for a decline in our Dolls, Role Play business which was down 23%, or $14.2 million.<\/p>\n \n\u201cThere\u2019s a lot more work to do in the short-term to set us up for a strong holiday season, but the team is engaged and aggressively focused on continuing the positive momentum we\u2019ve generated in recent years. It\u2019s a great time to be at JAKKS Pacific.\u201d<\/p>\n First Quarter 2023 Results<\/b><\/p>\n \nNet sales for the first quarter 2023 were $107.5 million down 11% versus $120.9 million last year. The decrease was driven primarily by lower sales in North America, which were down 16% to $77.9 million in Toys\/Consumer Products and down 17% to $6.6 million in Costumes. Net sales of Disguise costumes were down to $9.6 million from $9.8 million last year, a decrease of 2% globally.<\/p>\n \nGross profit in the first quarter of 2023 was $31.4 million or 29.2% of net sales, compared to $29.9 million or 24.7% of net sales in the prior year, driven by drastically reduced container and import-related costs offset by higher royalty and product costs as a percent of sales. SG&A costs were $35.8 million, up from $30.7 million in the prior year, driven in part by higher warehousing expenses. As a percentage of net sales, SG&A costs were 33.3%, up from 25.4% in the prior year.<\/p>\n \nThe net loss attributable to common stockholders was $5.7 million, or $0.58 per basic and diluted share, compared to a net loss attributable to common stockholders of $4.2 million, or $0.43 per basic and diluted share in the first quarter of 2022. The adjusted net loss attributable to common stockholders (a non-GAAP measure) was $4.0 million, or $0.40 per basic and diluted share in the first quarter of 2023 compared to a net loss attributable to common stockholders of $2.6 million or $0.28 per basic and diluted share in the first quarter of 2022.<\/p>\n \nAdjusted EBITDA (a non-GAAP measure) was negative $1.1 million for the first quarter of 2023, compared to positive $1.9 million a year ago. For the trailing twelve months ended March 31, 2023, adjusted EBITDA was $73.3 million, up 37% compared to $53.6 million for the trailing twelve months ended March 31, 2022. (See note below on \u201cUse of Non-GAAP Financial Information.\u201d)<\/p>\n Balance Sheet<\/b><\/p>\n \nThe Company\u2019s cash and cash equivalents (including restricted cash) totaled $38.3 million as of March 31, 2023 compared to $85.5 million as of December 31, 2022, and $39.2 million as of March 31, 2022. The Company\u2019s inventory totaled $64.0 million as of March 31, 2023 compared to $80.6 million as of December 31, 2022, and $85.3 million as of March 31, 2022. As previously disclosed, the Company made $38.1 million in additional principal payments in the quarter, reducing the debt total to $29.4 million net of issuance costs and debt discounts.<\/p>\n Use of Non-GAAP Financial Information<\/b><\/p>\n \nIn 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\u2019s results. In addition, the Company believes that the presentation of these financial measures enhances an investor\u2019s ability to make period-to-period comparisons of the Company\u2019s 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 \u201cReconciliation of Non-GAAP Financial Information.\u201d \u201cTotal liquidity\u201d is calculated as cash and cash equivalents, plus availability under the Company\u2019s $67.5 million revolving credit facility.<\/p>\n Conference Call Live Webcast<\/b><\/p>\n \nJAKKS Pacific will webcast its first quarter earnings call at 5:00 p.m. Eastern Time\/2:00 p.m. Pacific Time today. To listen to the live webcast and access the accompanying presentation slides, go to www.jakks.com\/investors<\/a> and click on the earnings website link under the Presentations tab at least 20 minutes prior to register, download and install any necessary audio software.<\/p>\n \nA replay of the call will be available on JAKKS\u2019 website approximately two hours following completion of the call through May 4, 2023 ending at 8:00 p.m. Eastern Time\/5:00 p.m. Pacific Time. The playback can be accessed by calling (888) 859-2056 or (404) 537-3406 for international callers, with passcode \u201c2188217#\u201d for both playback numbers.<\/p>\n About JAKKS Pacific, Inc.<\/span><\/b><\/p>\n \nJAKKS 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\u2019s popular proprietary brands include: Fly Wheels\u00ae, Perfectly Cute\u00ae, ReDo\u00ae Skateboard Co., AirTitans\u00ae, Sky Ball\u00ae, JAKKS Wild Games\u2122, Moose Mountain\u00ae, Maui\u00ae, SportsZone\u2122, Kids Only!\u2122, Xtreme Power Dozer\u00ae, Disguise\u00ae, WeeeDo\u00ae, Ami Amis\u2122 and a wide range of entertainment-inspired products featuring premier licensed properties. Through JAKKS Cares, the company\u2019s commitment to philanthropy, JAKKS is helping to make a positive impact on the lives of children. Visit us at www.jakks.com<\/a> and follow us on Instagram (@jakkstoys), Twitter (@jakkstoys) and Facebook (@jakkstoys).<\/p>\n Forward Looking Statements<\/b><\/p>\n \nThis press release may contain \u201cforward-looking statements\u201d (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 any future transactions will result in future growth or success of JAKKS. The \u201cforward-looking statements\u201d 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.<\/p>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n38,103<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n39,225<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n85,297<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n198<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n193<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n85,171<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n103,730<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n102,771<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 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\n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(2,736<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(3,472<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,817<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(39,601<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,554<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(47,189<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(6,107<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(3,490<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(1,817<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \u0394 (%)<\/b><\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n107,484<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n120,881<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(11<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n58,304<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n72,058<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(19<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n16,654<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17,690<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1,089<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,216<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n76,047<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n90,964<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(16<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n31,437<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29,917<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n7,741<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,902<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n58<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n27,994<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25,153<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n102<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n596<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(83<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n35,837<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30,651<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(4,400<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(734<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n499<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n438<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n409<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n147<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(645<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,003<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,202<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n36<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(6,701<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,492<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n92<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(1,383<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n417<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,318<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,909<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n36<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(100<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(95<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(5,313<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(3,809<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n39<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(5,680<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(4,155<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n37<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(0.58<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.43<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,871<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,588<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n100.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n100.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n54.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n59.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n530<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n15.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(90<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n70.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n450<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n29.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n450<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n7.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(310<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n26.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(520<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n0.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n33.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(790<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(4.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.7<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(340<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n0.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.8<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.8<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6.3<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.9<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.3<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.0<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.2<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.0<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.1<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.3<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.4<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n JAKKS Pacific, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP measures:<\/b><\/p>\n 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\u2019s past financial performance, and provides useful information to the investor by comparing our performance across reporting periods on a consistent basis.<\/b><\/p>\n 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\u2019s 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.<\/b><\/p>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(5,318<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(3,909<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(1,409<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n3,003<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,202<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n801<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(117<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(114<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(1,383<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n417<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,800<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1,191<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,812<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(621<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(2,624<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n519<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,143<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(438<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(86<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(352<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2,089<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n870<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,219<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(147<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n645<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(792<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(1,120<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,948<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(3,068<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(1.0<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n-260 bps<\/p>\n<\/td>\n<\/tr>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n89,674<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n14,254<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n75,420<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n11,984<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,431<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n553<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(241<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(227<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(42,808<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n555<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(43,363<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n9,957<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,270<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(313<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n68,566<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n36,496<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32,070<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(1,149<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(477<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(672<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n6,301<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,581<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,720<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,372<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7,372<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(156<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,490<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,646<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(249<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(249<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,206<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,206<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,351<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7,351<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n73,313<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n53,607<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n19,706<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n9.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n130 bps<\/p>\n<\/td>\n<\/tr>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(5,680<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(4,155<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(1,525<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2,089<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n870<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,219<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(147<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n645<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(792<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n150<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n150<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(368<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(368<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(3,956<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(2,640<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(1,316<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(0.40<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.28<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.12<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n9,871<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,588<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n283<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n JAKKS Pacific, Inc. and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n % Change % Change \n$<\/p>\n<\/td>\n \n97,893<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n111,123<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n79,875<\/p>\n<\/td>\n \n-11.9%<\/p>\n<\/td>\n \n39.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n47,843<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n62,006<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45,155<\/p>\n<\/td>\n \n-22.8%<\/p>\n<\/td>\n \n37.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37,846<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31,698<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,405<\/p>\n<\/td>\n \n19.4%<\/p>\n<\/td>\n \n93.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,204<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17,419<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,315<\/p>\n<\/td>\n \n-29.9%<\/p>\n<\/td>\n \n-4.9%<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,591<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,758<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,968<\/p>\n<\/td>\n \n-1.7%<\/p>\n<\/td>\n \n145.9%<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 107,484<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 120,881<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 83,843<\/b><\/p>\n<\/td>\n -11.1%<\/b><\/p>\n<\/td>\n 44.2%<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n80,443<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n97,050<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n68,916<\/p>\n<\/td>\n \n-17.1%<\/p>\n<\/td>\n \n40.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,162<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,389<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,337<\/p>\n<\/td>\n \n-24.1%<\/p>\n<\/td>\n \n82.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,204<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,385<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,455<\/p>\n<\/td>\n \n285.9%<\/p>\n<\/td>\n \n-2.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,054<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,379<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,101<\/p>\n<\/td>\n \n20.0%<\/p>\n<\/td>\n \n60.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,380<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,076<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,415<\/p>\n<\/td>\n \n-33.5%<\/p>\n<\/td>\n \n46.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,608<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,491<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,188<\/p>\n<\/td>\n \n7.8%<\/p>\n<\/td>\n \n25.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n633<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,111<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n431<\/p>\n<\/td>\n \n-43.0%<\/p>\n<\/td>\n \n157.8%<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 107,484<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 120,881<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 83,843<\/b><\/p>\n<\/td>\n -11.1%<\/b><\/p>\n<\/td>\n 44.2%<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n84,497<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n100,429<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n71,016<\/p>\n<\/td>\n \n-15.9%<\/p>\n<\/td>\n \n41.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,987<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,452<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,827<\/p>\n<\/td>\n \n12.4%<\/p>\n<\/td>\n \n59.4%<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 107,484<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 120,881<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 83,843<\/b><\/p>\n<\/td>\n -11.1%<\/b><\/p>\n<\/td>\n 44.2%<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230427005822\/en\/<\/a><\/span><\/p>\n\n
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\n JAKKS Pacific, Inc. and Subsidiaries<\/b><\/td>\n<\/tr>\n \n Condensed Consolidated Balance Sheets (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n March 31,<\/b><\/td>\n \n December 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n (In thousands)<\/b><\/td>\n<\/tr>\n \n Assets<\/b><\/td>\n \n <\/tr>\n \n Current assets:<\/td>\n \n \n \n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Restricted cash<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Accounts receivable, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Inventory<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Prepaid expenses and other assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Property and equipment<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Less accumulated depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Property and equipment, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating lease right-of-use assets, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Deferred income tax assets, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Goodwill<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Intangibles and other assets, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Liabilities, Preferred Stock and Stockholders’ Equity<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Current liabilities:<\/td>\n \n \n \n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Accounts payable – Meisheng (related party)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Accrued expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Reserve for sales returns and allowances<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Income taxes payable<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Short term operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Short term debt, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Long term operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Debt, non-current portion, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Preferred stock derivative liability<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Income taxes payable<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Deferred income tax liabilities, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Total liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Preferred stock accrued dividends<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Stockholders’ equity:<\/td>\n \n \n \n \n \n <\/tr>\n \n Common stock, $.001 par value<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Additional paid-in capital<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Accumulated deficit<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Accumulated other comprehensive loss<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Total JAKKS Pacific, Inc. stockholders’ equity<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-controlling interests<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Total stockholders’ equity<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Total liabilities, preferred stock and stockholders’ equity<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Supplemental Balance Sheet and Cash Flow Data (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n March 31,<\/b><\/td>\n<\/tr>\n \n Key Balance Sheet Data:<\/span><\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Accounts receivable days sales outstanding (DSO)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Inventory turnover (DSI)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n Three Months Ended
March 31,<\/b><\/td>\n<\/tr>\n\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Condensed Cash Flow Data:<\/span><\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n (In thousands)<\/b><\/td>\n<\/tr>\n \n Cash flows used in operating activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Cash flows used in investing activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Cash flows used in financing activities and other<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Decrease in cash, cash equivalents and restricted cash<\/td>\n \n \n \n $<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Capital expenditures<\/td>\n \n \n \n \n \n \n \n \n \n \n \n
\n JAKKS Pacific, Inc. and Subsidiaries<\/b><\/td>\n<\/tr>\n \n Condensed Consolidated Statements of Operations (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n (In thousands, except per share data)<\/b><\/td>\n \n <\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net sales<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Less: Cost of sales<\/td>\n \n \n \n \n \n <\/tr>\n \n Cost of goods<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Royalty expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Amortization of tools and molds<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Cost of sales<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Gross profit<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Direct selling expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n General and administrative expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Selling, general and administrative expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Loss from operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Other income (expense):<\/td>\n \n \n \n \n \n <\/tr>\n \n Other income (expense), net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Change in fair value of preferred stock derivative liability<\/td>\n \n \n \n \n \n \n \n \n \n nm<\/td>\n <\/tr>\n \n Interest income<\/td>\n \n \n \n \n \n \n \n \n \n nm<\/td>\n <\/tr>\n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Loss before provision for (benefit from) income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Provision for (benefit from) income taxes<\/td>\n \n \n \n \n \n \n \n \n \n nm<\/td>\n <\/tr>\n \n Net loss<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Net loss attributable to non-controlling interests<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Net loss attributable to JAKKS Pacific, Inc.<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Net loss attributable to common stockholders<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Loss per share – basic & diluted<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Shares used in loss per share – basic & diluted<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \u0394 bps<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n Fav\/(Unfav)<\/b><\/td>\n<\/tr>\n \n Net sales<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Less: Cost of sales<\/td>\n \n \n \n \n \n <\/tr>\n \n Cost of goods<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Royalty expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Amortization of tools and molds<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Cost of sales<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Gross profit<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Direct selling expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n General and administrative expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Selling, general and administrative expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Loss from operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Other income (expense):<\/td>\n \n \n \n \n \n <\/tr>\n \n Other income (expense), net<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Change in fair value of preferred stock derivative liability<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Interest income<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Loss before provision for (benefit from) income taxes<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Provision for (benefit from) income taxes<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net loss<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net loss attributable to non-controlling interests<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net loss attributable to JAKKS Pacific, Inc.<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net loss attributable to common stockholders<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n
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<\/b>Reconciliation of Non-GAAP Financial Information (Unaudited)<\/b><\/p>\n\n
\n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \u0394 ($)<\/b><\/td>\n<\/tr>\n \n \n \n (In thousands)<\/b><\/td>\n \n <\/tr>\n \n EBITDA and Adjusted EBITDA<\/span><\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Net loss<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Interest income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Provision for (benefit from) income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n EBITDA<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjustments:<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Other (income) expense, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Restricted stock compensation expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Change in fair value of preferred stock derivative liability<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA\/Net sales %<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Trailing Twelve Months Ended
March 31,<\/b><\/td>\n\n <\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u0394 ($)<\/b><\/td>\n<\/tr>\n \n \n \n (In thousands)<\/b><\/td>\n \n <\/tr>\n \n TTM EBITDA and TTM Adjusted EBITDA<\/span><\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n TTM Net income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Provision for (benefit from) income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n TTM EBITDA<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjustments:<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Other (income) expense, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Restricted stock compensation expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Change in fair value of convertible senior notes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Change in fair value of preferred stock derivative liability<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Employee Retention Credit\/Gov’t Employment Support<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Gain on loan forgiveness<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss on debt extinguishment<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n TTM Adjusted EBITDA<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n TTM Adjusted EBITDA\/TTM Net sales %<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended March 31,<\/b><\/td>\n \n <\/tr>\n \n \n \n \n \n \n \n \u0394 ($)<\/b><\/td>\n<\/tr>\n \n \n \n (In thousands, except per share data)<\/b><\/td>\n \n <\/tr>\n \n Adjusted net income (loss) attributable to common stockholders<\/span><\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Net loss attributable to common stockholders<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Restricted stock compensation expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Change in fair value of preferred stock derivative liability<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n 2021 BSP Term Loan prepayment penalty<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Tax impact of additional charges<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted net loss attributable to common stockholders<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted loss per share – basic & diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Shares used in adjusted loss per share – basic & diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n Net Sales by Division and Geographic Region<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (In thousands)<\/td>\n Q1<\/b><\/td>\n <\/tr>\n \n Divisions<\/b><\/td>\n \n \n \n \n
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2023 v 2022<\/b><\/p>\n<\/td>\n\n
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2022 v 2021<\/b><\/p>\n<\/td>\n<\/tr>\n \n Toys\/Consumer Products<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Dolls, Role-Play\/Dress Up<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Action Play & Collectibles<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Outdoor\/Seasonal Toys<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Costumes<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Total<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (In thousands)<\/td>\n Q1<\/b><\/td>\n <\/tr>\n \n Regions<\/b><\/td>\n \n \n \n % Change
2023 v 2022<\/b><\/td>\n% Change
2022 v 2021<\/b><\/td>\n<\/tr>\n \n United States<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Europe<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Latin America<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Canada<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Asia<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Australia & New Zealand<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Middle East & Africa<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Total<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (In thousands)<\/td>\n Q1<\/b><\/td>\n <\/tr>\n \n Regions<\/b><\/td>\n \n \n \n % Change
2023 v 2022<\/b><\/td>\n% Change
2022 v 2021<\/b><\/td>\n<\/tr>\n \n North America<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n International<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Total<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n <\/p>\n