JAKKS Pacific Inc. Q1 2023 Earnings Call

April 27, 2023

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I'll review financial results for the quarter ended March 31 2023.

JAKKS issued its earnings press release earlier today.

The earnings release and presentation slides for today's call are available on the company's website in the investors section.

On the call. This afternoon are Stephen Berman, Chairman, and Chief Executive Officer, and John Kimble, Chief Financial Officer.

Steve I will first provide an overview of the quarter along with highlights of product lines and current business trends then John will provide detailed comments regarding JAKKS Pacific's financial and operational results.

Stephen will then return with additional comments and some closing remarks prior to opening up the call for questions.

Line will be placed on mute for the first portion of the call.

I would like to be placed in the queue to ask a question. Please press star one one of your telephone keypad.

Before we begin the company would like to point out that any comments made about JAKKS pacific's future performance events or circumstances, including the estimates are sales margins and our adjusted EBITDA in 2023 and beyond as well as any other forward looking statements concerning 2023 and beyond are subject to safe Harbor protection under Federal Securities Law.

Loss.

These statements reflect the company's best judgment based on current market trends and conditions today and are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in forward looking statements.

For details concerning these and other such risks and uncertainties you should consult JAKKS. Most recent 10-K and 10-Q filings with the SEC as well as the company's other reports subsequently filed with the SEC from time to time. In addition, today's comments by management will refer to non-GAAP financial measures such as adjusted EBITDA and adjusted earnings per share.

Unless stated otherwise the most directly comparable GAAP financial metric has been reconciled to the associated non-GAAP financial measure within the company's earnings press release issued today or previously.

As a reminder, this conference is being recorded.

With that I would now like to turn the call over to Stephen Berman.

Okay.

Thank you good afternoon, everyone and thank you for joining us today.

Very happy with how the year has started here for JAKKS, our net sales for the quarter were 107 5 billion, 11% decrease compared to a year. Prior as everyone knows we had a massive revenue growth last year led by the breakout success of our holiday 2021 film property.

Although that business is still selling through very nicely at retail.

It is an exceptionally challenging number to anniversary as the performance was a multiple of what we would normally see from a new film with new IP.

That being said this quarter sales level in excess of 100 million marks the first time since 2008, 2009 that we posted $100 million plus first quarters and back to back years, which is a great result.

A related piece of exciting news is the reaction to the new Super Mario Brothers movie as you'd likely have read the film had the biggest box office opening of any animated film in history with a worldwide gross now exceeding three quarters of a $1 billion in.

And just a three week period, which is simply amazing results.

We have had a decade long relationship with Nintendo and it's a cornerstone of our axiom play a collectible business.

That division reported sales up 19% this quarter totaling $37 8 million globally.

Fill specific product was on shelf at the end of February and March sell through has been very very impressive both of the product as well as our evergreen year round Nintendo business.

We have planned a total Nintendo business movie and classic to be extremely strong. This year. We are working extremely close with our customers around the globe to assure that they prioritize this opportunity in the second half in light of the films off the chart performance as well as preparing for the streaming launch lastly, we are at.

JC and additional opportunities in the Hollywood costume business for the Nintendo line as well.

The toy consumer products side shipping was down 16% in North America and up 7% in the rest of the world.

POS at our top three U S accounts through mid April was down high single digits with retail inventory up mid single digits. As we mentioned in Q3 and Q4, we are very mindful of retail not being overstocked is that short term thinking which is not good for their business.

Nor our business if.

If you adjust out our Nintendo business as well as that tough holiday comp from last year, our toy consumer products retail inventory at the top three U S accounts is down significantly through mid April which is what we've been trying to work towards to set up a strong 2023.

Despite the lower retail inventories however, Pos for those businesses. During the same period is down only single digits, which we think speaks to the evergreen strength of our product range. When you consider all the negative news lately about shipping patterns and economic uncertainty.

We feel there will be opportunity for some retail customers to take market share given this climate. So we are as always stay in consistent dialogue with accounts large and small around the globe to ensure we are maximizing this year outside of North America, we continue to see steady growth our international business was up 12%.

Year over year, as we shipped $23 million. It was our biggest Q1 for international since 2015, Nintendo has always been a meaningful part of our international business. So some of the enthusiasm, which we've been sharing as it relates to our international growth potential has been mindful that this film has been in the works and we will.

Further raise the visibility of our overall business.

Our costume business was down slightly in the quarter in line with our expectations.

At $9 6 million it was down 2% globally with decreases in North America, partially offset by continued international growth.

We did see gross margin improvement in the quarter as a year ago Q1 sales were burdened with exceptionally high container cost.

Works closeout sales and a higher royalty mix were drags on the quarter, but we still managed to grow gross margin dollars year over year from $29 9 million to $31 4 million or plus 5%.

We continue to aggressively manage inventory optimization of our working capital.

At the end of the quarter were down 64 million, a 21% reduction from where we finished the year at a 25% reduction from this time last year.

Our performance over the past couple of years has created a lot of positive momentum with our customers licensed stores and expanding our consumer base and although the first quarter and a company like ours is really just a warm up for the rest of the year I am happy to say, we see momentum continuing on all fronts.

We feel really good about how we're performing at retail and the product ranges, we're bringing to market. This year and the conversations we're having about new opportunities in 2024 and 2025.

I'll now pass it over to John for some further discussions around our financials after which I will come back with some more comments to share John .

Thank you Steven and hi, everybody.

As Steven mentioned in the first quarter. So this will be a bit light because there's only so much to say about these months given our seasonality.

I'm going to jump into margin, which as we hoped it was much better than prior year as our prior year number was terrible in part reflecting excess of container costs.

Q1 is always our smallest quarter, so trying to extrapolate our results for the balance of the year is challenging however, attempting.

With that said, although there is a lot of moving pieces here at.

I'd break down margin in the quarter to say, we had around 700 basis point benefit on the container issue.

Which we then gave back about 100 basis points in royalty expense.

And another 150 basis points in product margin.

Last year, we had new product flowing through at full price. This year, we had a bit more closing out of slower moving inventory and product a bit further along in its lifecycle.

And the outdoor seasonal business, which was down as often know are lower royalty compared to the rest of the portfolio.

As we look forward, we still hope to see gross margins improve but the most horrific freight comps are behind us as it relates to the $1 expense.

And now we move into the higher volume quarters. So there are two reasons why percentage margin expansion shrinks.

Beyond that however, we do will depend more about how product margins play out.

Full year royalty expense in 2022 was 15, 9% and we wouldn't expect that to be much higher this year, maybe a little better but the quarter ization can move around.

So you are left with a modestly improving freight story fighting it out with the product margin line inclusive of how clean the product is selling through at retail and how aggressively we are managing our own inventory.

Moving down the P&L, we saw higher spending in direct selling year over year, which was cleaning up the excess warehousing situation, we discussed last quarter.

We are out of the overflow space in the U S, but still working through some issues in Europe again in a smaller quarter everything tends to stick out.

We're also seeing some year over year higher expenses as trade shows returned to the industry.

European show in Nuremberg happened in Q1, and currently people are planning for the New York Toy Fair to return for the first time as a fall show in late September early October .

And we're certainly seeing a lot more traffic to our showrooms in Santa Monica, specifically in the past several weeks.

Business travel is back.

At least it Jack.

G&A expenses were roughly in line with our expectations one.

One of the more unfavorable drivers was an increase in stock compensation expense.

Going back to mid 2021, we've made a point of utilizing our restricted stock as a mechanism to reward and retain senior staff.

Given the company's challenges pre restructuring that wasn't a lever we were able to pull for several years, which left us at a competitive disadvantage compared to other larger players in our space we felt.

So we're happy to have that be part of the narrative again as well as how it aligns long term incentives internally.

But from a P&L perspective, one starts with a base close to zero for a large number of employees building up over time, given a three year vesting horizon.

In total that expense was a bit over $5 million in 2022, and we would expect it to be closer to $9 million in calendar year 2023.

Interest expense in the quarter was $3 million compared to $2 $2 million last year.

$927000 of that unfavorable <unk> <unk> per share in EPS, which is not an adjustment we make in our non-GAAP reporting.

With accelerated write off of deferred financing costs and debt discounts attributable to our accelerated long term debt pay down.

Another $150000 was prepayment fees as discussed during the last call, which is something we adjust out for non-GAAP EPS reporting.

This account also absorbed some expenses associated with early payment discounts, which we occasionally utilized with some key customers to further optimize our working capital as well as banking related fees and expenses.

Our term loan interest is certainly lower given the lower principal balance, but it's still the case that we have expenses for other things throughout the year showing up here.

Our variable term loan rate is currently above 11%.

Now a quick word about taxes.

Avid readers are aware that our 10-K filing was delayed but nonetheless filed a couple of weeks ago.

The review of our <unk> hundred 80, <unk> tax situation ended up taking longer than anticipated.

We do have some differences in the financial tables compared to what we shared during our last earnings call primarily in the areas of taxes payable in our deferred tax asset balance unrelated valuation allowance.

I would encourage you to reference our thoughtful narration in the 10-K for more details on the topic.

As many of you know taxes are something of an ongoing journey as one makes quarterly provisions and ultimately but separately file tax returns in various jurisdictions.

Suffice to say taxes, an ever present topic, given our global business structure, and we continue to spend time and energy thoughtfully assessing what we're doing there as we aspire to do with all forms of expenditure.

Elsewhere, the marking to market of our preferred stock liability resulted in a noncash gain of $147000, we backed that gain out of our non-GAAP calculations of adjusted EBITDA and adjusted EPS.

The cumulative accrued pik dividends are now at $4 9 million on top of the underlying par value of $20 million.

In aggregate, our adjusted EBITDA for the quarter is a negative $1 1 million versus a positive $1 $9 million last year.

Our trailing 12 month adjusted EBITDA is now $73 3 million or.

Or nine 4% of net sales, which was $53 6 million and eight 1% of net sales at this time in 2022.

Now checking in on the balance sheet.

As of March 31, our debt net of debt discounts and amortization was $29 4 million we.

We had no draw on our credit line.

The current payoff level of our term loan is $32 million.

Adjusted EPS for the quarter was a loss of <unk> 40 per share 12 cents worse than the Q1 2022 loss per share of <unk> 28 per share.

And with that.

I will now hand, the call back over to Stephen for some additional commentary.

Thank you John as I said at the beginning it's a very exciting time to be at JAKKS, our new product in support of Disney's the little Mermaid live action retelling of the beloved animated story is hitting shelves. This week, we have dress up role play toys and large dolls inspired by the film and are excited to get consumers reaction to.

Both our product and the film.

We also continue to expand by our own new IP on the Army's we're now set at <unk> 3500, Walmart stores, both on planet Gram and in their trend pod Easter we saw a nice pop for the business as the word spreads and our demand creation efforts resonate.

Our digital commercial has over $30 million.

Completed views to date, and we announced a roadblocks integration on fashion famous earlier this month.

Our second quarter roadmap is extending to new accounts, such as Macy's and Amazon in the U S and Sainsburys and the U K with more lined up for Q3 and beyond wave.

Wave two is launched it in may which will bring our release character count to 60, and our plans are already in place for significantly more waves and line extensions throughout the balance of the year.

We've made mentioned before about how solid results tend to still bought toward more opportunities to that end I'd like to highlight some new agreements. We recently worked out that are building on our success in the axiom play collectable space in cooperation with our friends in Australia and distributor partner head start we will be distributing their toy range for <unk>.

<unk> blizzards crash bandicoot in the United States. This 25 year old brand has wide multi generational following given its long life across a broad range of video game titles and platforms.

<unk> has developed a great range spanning plush figures play sets NRC and we're happy to partner with them on this opportunity to make the product available to fans in the United States.

Also begun development against a couple of properties and Andy who are video games space that have become increasingly popular.

First off it's bending first introduced by Joey Drew studios Bendy and eight machine and now extended across recently released <unk> in the Dark revival game animated shorts and books, we're looking at figures plush costumes as the basis of their line and we have also secured costume rights for poppy play time.

<unk> another game and as John drove from mob Entertainment, which has been getting a lot of attention in the past couple of years, and we think it's well suited for the costume space.

There are more 2020 for opportunities, but we wanted to take the time to share. Some concrete examples about how our recent successes are operating more doors and our recent wins and building on our successes and affiliates of both kids and the emerging Kidult consumer.

More to come on this topic in the quarters ahead.

We have a lot to look forward to a jacks for 2023 and looking into 2024.

Many of our evergreen businesses continued to build well with our methodical approach of adding new categories within a division as well as when appropriate added licenses that enhance the portfolio of a category. As one example in our seasonal business. We have added to our extensive line of skateboard products and new roller skate lineup.

<unk> with and without licenses and customer reaction has been solid with new distribution underway.

Lastly on product as I mentioned previously we are seeing extremely strong momentum globally for both the Nintendo moving products and the classic Nintendo product lines, we have been aggressively working directly with many factories to increase overall production with increased tooling capacities as well as increased labor force at the factory levels.

Thus to increase the global supply demand.

Even with the exceptional strength and momentum of Nintendo product lines, we're continuing to see the Sonic business remaining strong with continued strong sell in and sell throughs.

Turning it into a different direction as some of you know we have met with a wide range of current and ideally future investors last month attending investor conferences on each coast. In addition to some additional scheduled investor meetings.

We are excited to tell our story of our 28 year history as a public company and how we've navigated ups and downs during that time.

We've reviewed actions taken.

Adjusted to a U S market without toys R us and improving our economics post recapitalization to reset our balance sheet to a position of strength.

The conversations were both positive and constructive.

As we said in those meetings, we are pleased with our recent performance, but also excited about where we're headed hence our desire to spend time discussing the excitement of jacks worldwide.

As I said before I don't think there's ever been a better time to be at Jack specific.

I'd like to end with thanking the team around the world for their continued focus and commitment.

I truly do believe we have the best leadership teams in the business with decades of experience, but the enthusiasm of our newly hired individual <unk>.

They set the tone and the pace that allows us to stay execution and results focused quickly and effectively with that we will now take questions operator.

Yes.

Thank you.

As a reminder to ask a question. Please press star one one telephone and wait for your name to be announced.

To withdraw your question. Please press star one again.

Please stand by while we compile the Q&A roster.

Okay.

Our first question comes from the line of Garrick Johnson with BMO capital markets. Your line is now open.

Hey, good afternoon guys.

Good morning, Gary.

Alright.

Afternoon.

Alright, good morning.

Hey.

I think I'm.

Im not sure if I heard it correctly.

What was your retail inventory year over year at the end of the first quarter is up mid single digits is that what you said.

We talked I think we specifically talked about it if you take out a couple of the big moving pieces that it was out there it is.

Down a third in total I think as it relates to <unk>.

Put those pieces back in.

Then we were we were up a little bit year over year.

Okay.

And those pieces reminder, with those pieces where again.

The Big Holiday 'twenty, one movie and then Nintendo business.

Okay.

And.

Of the $30 million you have on your balance sheet.

Can you when can you pay that off can you pay that whenever you want or.

Are there certain.

Windows are periods, where you can pay that down.

The long term debt you mean.

Is that the $30 million, you're talking about yes, I guess.

Yes, yes, yes, we can pay that everybody want theres, a 3% prepayment penalty if we were to pay it before the beginning of June .

Then.

June is the second anniversary of the loan so the prepayment penalty would drop to 1% but beyond that.

There's not any restrictions on our are paying that off or refinancing that if we thought that was the right thing to do okay. Okay.

How do you think the channel inventory clearance process has gone overall, both for you guys in the industry as a whole relative.

Relative to plan to Jack for.

<unk> overall I'm talking both global not just talk to the U S. Our inventory levels.

Anything that we saw that that was going to pertain and continued to be a hindrance. We worked through those in December and January .

But outside of that our inventory levels are extremely strong and somewhat low in certain areas of our businesses.

For the industry, we do still see in certain pockets in certain categories heavy inventories being worked through worldwide.

And I think you'd probably know which categories and which product lines are but things.

Kevin, Let's say better together and we will see during the second quarter, we see sell through will pick up.

Overall for at least for JAKKS work clean we did have the hindrance.

Too much inventory from other.

Manufacturers in the market that did slip some open to buy even though we had some great product necessary, but all of that seems to be put away and retailers are now being more bullish as you get into the right product in the.

Driving the right customer base that they need.

Okay.

Great. Thank you Steve Thank you John .

Thanks.

Thank you.

Our next question comes from the line of Andrew <unk> with Jefferies. Your line is now open.

Hey, guys. Thanks for letting me ask a question.

How should we kind of frame the opportunity.

Around.

Nintendo property.

Somewhere between.

Last year's Disney property in Sonic or I mean, it's just hard to frame up the based on the size of the film.

Yes.

Hello, Ajay Great question, I would say the best way to look at this is we have been since the movie has broken no. One expected the global success to be as <unk> as it has been in being early in the year normally what we see and what we've done in the past is.

We would look at for instance, with a frozen camera moana are the costs those came in November .

And then we had a great holiday season, and the momentum happened the following year with Nintendo We've had a great success with them for over decades, and now with the movie momentum we have the classic business Nintendo Classic and then the new Mario movie and we are really at this point looking at two in capacity.

Maybe in certain areas on allocation with some of the retailers based on the global needs of this product. So it's really early on to see.

Where we will get to but one thing is as we've mentioned from day, one we don't build the inventory and wait for something to be successful as we did with frozen one frozen two moana, we've always chase and we will be chasing the Nintendo classic and Nintendo movie business.

But what we're seeing which is truly what I haven't seen in a long time as our other areas of business with Sonic the movie.

Sonic classic and Sonic Netflix those sell throughs and sell ins are continuing to be strong so theyre gaining momentum with the <unk>.

Excess of Nintendo.

And now right now we've had previous come in this week with our retailers and everybody is looking at utilizing Nintendo and Mario movie as a real asset to bring into holiday call. It <unk>.

This with consumers and traffic. So it's really early on to figure out where that will range between what you just mentioned whether it was a cocktail frozen sonic where it is.

Really early on on the capacities in factories that labor force, but it will be a wonderful success and it's an evergreen success, it's not something that will drop as what we've seen before with frozen one or frozen two.

There's just too much of a unisex build behind the Nintendo product category that it blends both in its <unk> with parents and grandparents and kids and teens between us that we haven't seen something like this before so I think we really will get more information to everybody after the second quarter.

Got it and it sounds like it's going to be more of a.

Global units X product line than some of the other ones. So should we think about that.

And of itself should also kind of make it a larger property than normal.

Yes. It can be the thing is remember we're in May call. It back to you on this weekend. So we are really looking at the Labor force and at the same time. We also manage the brand itself, we don't need to be heroes and saturate the market as we did last year, we mentioned that our inventory has been low for first quarter.

We will look at it that way Nintendo is long term brand building it will be terrific it will be.

Great for our company, but there's also other things that were lined up for which is coming out this month.

Which is a new area of movie and then we have Disney's big blockbuster animation, which they just showed the trailer today, which is breathtakingly beautiful called wish which comes in like November 'twenty, one 'twenty, two which is again like the frozen they cut to amortize.

As a plethora of different call it tailwind behind us and we're just managing it all right now in the first quarter as I think Ive mentioned are John May have mentioned it is really the startup quarter for the year.

Got it that's really Super helpful color, just one additional follow up.

It's been kind of interesting.

We've had three toy companies now report.

Very strong March quarters.

Sounds like most people are remaining cautious.

Obviously, it's partly due to the slow Q1, but just any trends or comments you can share on outside of the big properties.

Broadly comfort level today versus three months ago as far as driving inventory down.

For us we've already been we're kind of through the inventory. We didn't have remember as I think you know that were primarily in F&B company or 70% of our business. So that inventory pressure thats out at retail wasn't really through a JAKKS Pacific worldwide. It was done through a lot of the <unk>.

Manufacturers that bring in domestic and focus on domestic so we were able to manage the inventory flows methodically during the second half of the year.

So we planned the year, where we did in January but there is a lot more.

Say upbeat momentum just even evergreen areas of business for instance, our private label business that we do is extremely strong and our core Disney Princess is doing very well, we had the one item or category movie that was a big splash that it does happen we had a great year and then it will come down but the sell throughs on that.

That.

Property, which was a condo is still very strong sell throughs, but we again look at the evergreen part of our business and look at that as our core basic business and then we have the enhancement of what we just spoke about today early on besides some new initiatives that we'll be talking about later so for Jack It's a positive from the start we're just try.

I forgot what what's positive means for this year for us got it. Thanks.

Thanks to layer something.

Sorry, just to layer something Andrew for what it's worth to clarify on <unk> question year over year, our U S retail top three.

The top three retail inventory, rather we were up high single digits year over year, but compared to where we were at the end of the calendar year were down mid single digits that retail inventory.

Got it Thats helpful.

Thank you guys.

Thank you thanks, Andrew.

I would now like to turn the call back over to Stephen Berman for closing remarks.

Thank you, ladies and gentlemen for your time today and we have a.

A lot of follow up calls for data Tomorrow, we look forward to speaking with you on our next earnings call or either on the road. Thank you very much.

This concludes today's conference call. Thank you for participating you may now disconnect.

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JAKKS Pacific Inc. Q1 2023 Earnings Call

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