Funko Inc (FNKO) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to Funko's 2025 first-quarter financial results conference call. (Operator Instructions) Please be advised that reproduction of this call in whole or in part is not permitted without written authorization from the company. As a reminder, this call is being recorded.

下午好，歡迎參加 Funko 2025 年第一季財務業績電話會議。（操作員指示）請注意，未經本公司書面授權，不得全部或部分複製此通話。提醒一下，本次通話正在錄音。

I will now turn the call over to Funko's Director of Investor Relations, Rob Jaffe. Please proceed.

現在我將把電話轉給 Funko 的投資人關係總監 Rob Jaffe。請繼續。

Hello, everyone, and thank you for joining us today to discuss Funko's 2025 first-quarter financial results. On the call are Cynthia Williams, our Chief Executive Officer; and Yves Le Pendeven, the company's Chief Financial Officer. This call is being broadcast live at investor.funko.com. The playback will be available for at least one year on the company's website.

大家好，感謝您今天加入我們討論 Funko 2025 年第一季財務業績。參加電話會議的有我們的執行長辛西婭·威廉斯 (Cynthia Williams) 和公司財務長伊夫·勒彭德文 (Yves Le Pendeven)。本次電話會議將在 investor.funko.com 網站上進行現場直播。會議回放將在公司網站上保留至少一年。

I want to remind everyone that during the course of this call, management's discussion will include forward-looking information. These statements represent our best judgment as of today about the company's future results and performance. Our actual results are subject to many risks and uncertainties that may differ materially from those stated or implied, including those discussed in our earnings release. Additional information concerning factors that could cause actual results to differ materially is contained in our most recently filed SEC reports.

我想提醒大家，在本次電話會議過程中，管理階層的討論將包括前瞻性資訊。這些聲明代表了我們截至今天對公司未來業績和表現的最佳判斷。我們的實際結果受許多風險和不確定因素的影響，可能與明示或暗示的結果有重大差異，包括我們的收益報告中討論的結果。有關可能導致實際結果大不相同的因素的更多信息，請參閱我們最近提交給美國證券交易委員會的報告。

In addition, during this call, we refer to non-GAAP financial measures that are not prepared in accordance with the US Generally Accepted Accounting Principles and may be different from non-GAAP financial measures used by other companies. Investors are encouraged to review Funko's press release announcing its 2025 first-quarter financial results for the company's reasons for presenting non-GAAP financial measures. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is also attached to the company's earnings press release issued earlier today.

此外，在本次電話會議中，我們引用的非 GAAP 財務指標並非依照美國公認會計原則編制，可能與其他公司使用的非 GAAP 財務指標有所不同。鼓勵投資者查看 Funko 宣布其 2025 年第一季財務業績的新聞稿，以了解該公司呈現非 GAAP 財務指標的原因。本公司今天稍早發布的收益新聞稿中還附上了非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的對帳表。

I will now turn the call over to Cynthia Williams. Cynthia?

現在我將電話轉給辛西亞威廉斯。辛西亞？

Thanks, Rob. Good afternoon, everyone, and thank you for joining us. Let me start with some context.

謝謝，羅布。大家下午好，感謝大家的參與。讓我先介紹一些背景。

We came into 2025 with a clear-eyed view, the first half of the year would be about setting a stronger foundation for Funko, attracting new fans with intentional diversification into sports, gaming and music, and selling where the fan is through improved retail opportunities and experiential engagements, all of which are designed to delight new and core collectors.

我們帶著清晰的眼光進入 2025 年，今年上半年將為 Funko 奠定更堅實的基礎，透過有意體育、遊戲和音樂領域多元化吸引新粉絲，並透過改善零售機會和體驗式活動在粉絲所在的地方進行銷售，所有這些都是為了取悅新收藏家和核心收藏家。

But the pace and intensity of change in the macro environment has accelerated. It's amplified existing challenges and compressed the timeline for making tough necessary decisions.

但宏觀環境變化的速度和強度已經加快。它加劇了現有的挑戰，並壓縮了做出艱難必要決策的時間。

Even so, our strategy is sound. And more importantly, we're executing it. We're staying disciplined, moving with speed and adjusting in real-time to protect the business while continuing to invest in what's working. That resilience showed up in Q1. We delivered net sales of $191 million, in line with guidance.

即便如此，我們的策略仍然是合理的。更重要的是，我們正在執行它。我們保持紀律，快速行動，即時調整以保護業務，同時繼續對有效的業務進行投資。這種韌性在第一季顯現出來。我們的淨銷售額達到 1.91 億美元，符合預期。

Gross margin was 40%, and adjusted EBITDA came in at a negative $5 million, both ahead of expectations.

毛利率為 40%，調整後 EBITDA 為負 500 萬美元，皆超乎預期。

Before I outline our tariff mitigation efforts, it's important to note that international performance continues to be a strength. According to Circana Market Research, Funko is gaining share among consumers internationally and outpacing the broader toy market. In Europe's G5 combined markets, where overall toy POS growth was just 1%, Funko grew by 8%.

在我概述我們的關稅減免措施之前，必須指出的是，我們的國際表現仍然是一個優勢。據 Circana Market Research 稱，Funko 在全球消費者中的份額正在擴大，並且超過了更廣泛的玩具市場。在歐洲 G5 綜合市場中，玩具 POS 整體成長率僅為 1%，而 Funko 卻成長了 8%。

We're also expanding our global footprint with licensed and partner stores now operating in the United Arab Emirates and China and with a newly announced location in the Philippines, marking our first physical presence in Southeast Asia. The Philippines has been one of our strongest performing markets in Asia, and this licensed store represented a commitment to selling where a passionate fan base lives. These are indicators that in more stable economies outside of the US, the roadmap we built is gaining traction. We're gaining share, expanding reach, and taking disciplined actions to strengthen the foundation of the business, and that is giving us confidence.

我們也正在擴大我們的全球影響力，目前在阿拉伯聯合大公國和中國設有授權店和合作店，並在菲律賓新設立了一家門市，這是我們在東南亞的首次實體店。菲律賓一直是我們在亞洲表現最強勁的市場之一，這家授權店體現了我們在擁有熱情粉絲群的地方銷售產品的承諾。這些指標表明，在美國以外更穩定的經濟體中，我們制定的路線圖正在獲得支持。我們正在獲得市場份額，擴大影響力，並採取有紀律的行動來加強業務基礎，這給了我們信心。

However, in the US, the pressure we faced in Q1 from tariffs to more selected consumer behavior have intensified in Q2. Given these complexities and the uncertainty related to the implementation of global tariffs, we are withdrawing our 2025 outlook. We believe this is the most responsible course of action, given how quickly these variables are shifting. That said, we continue to focus on the outcomes we can control. So let me tell you about what we're doing to mitigate the impact of tariffs.

然而，在美國，我們在第一季面臨的從關稅到更有選擇性的消費者行為的壓力在第二季加劇了。鑑於這些複雜性以及與全球關稅實施相關的不確定性，我們撤回了 2025 年的展望。我們認為，考慮到這些變數變化的速度之快，這是最負責任的行動方針。話雖如此，我們仍會繼續關注我們能夠控制的結果。那麼讓我來告訴你們我們為減輕關稅影響所採取的措施。

When the tariff announcement was made on April 2, we immediately consulted our retail customers and subsequently paused most US-bound orders out of China for direct import partners as we worked collaboratively on tariff mitigation activities. While this will clearly impact our second quarter, we believe our quick tariff mitigation efforts position us to enter Q3 with strong partners and agile logistics.

4月2日關稅公告發布後，我們立即諮詢了零售客戶，並隨後暫停了直接進口合作夥伴的大部分中國運往美國的訂單，同時我們共同開展關稅減免活動。雖然這顯然會影響我們的第二季度，但我們相信，我們快速的關稅減免措施將使我們憑藉強大的合作夥伴和靈活的物流進入第三季度。

Fortunately, we began diversifying our supply chain footprint as early as 2017, building relationships with a network of strategic partners across Vietnam, Cambodia, Indonesia and beyond. Over time, we've established a more agile operating model, one that we believe enables us to respond to volatility without compromising long-term strategy.

幸運的是，我們早在 2017 年就開始實現供應鏈足跡多元化，與越南、柬埔寨、印尼及其他地區的策略合作夥伴網絡建立了關係。隨著時間的推移，我們建立了更靈活的營運模式，我們相信這種模式使我們能夠應對波動，而不會損害長期策略。

In April, we launched a cross-functional tariff task force, led by our new SVP of Operations, Cliff Engle, bringing together leaders across sourcing, finance, legal and commercial with a mission to protect margins, preserve liquidity and optimize every lever within our control. Here's what we've done and what we're doing now.

今年 4 月，我們成立了一個跨職能關稅工作小組，由新任營運高級副總裁 Cliff Engle 領導，匯集了採購、財務、法律和商業領域的領導者，其使命是保護利潤率、保持流動性並優化我們控制範圍內的每個槓桿。以下是我們已經做過的和正在做的事情。

We've accelerated sourcing diversification to countries like Vietnam and Cambodia. Due to strategic and long-standing manufacturing partnerships, we quickly secured enough capacity that enable us to reduce the manufacturing of US-bound products from China from a third to approximately 5% by the end of the year. This is far faster than originally planned.

我們加快了向越南和柬埔寨等國家採購的多角化步伐。由於策略性和長期的製造合作夥伴關係，我們很快就獲得了足夠的產能，使我們能夠在年底前將中國輸美產品的製造比例從三分之一減少到約 5%。這比原計劃要快得多。

We've also taken a holistic approach to cost discipline throughout the business, achieving annualized reductions across product cost, supply chain and fixed expenses. This includes reducing operating costs, including reducing our global workforce by more than 20% over the course of 2025, with the majority already implemented to date, renegotiating pricing with ocean freight partners with 100% of our volume locked in at contracted rates and a focused SKU rationalization effort to eliminate low-margin, lower-velocity items. All of this sharpens our cost structure and gives us greater agility to respond to shifting demand without compromising execution.

我們還在整個業務範圍內採取了整體成本控制方法，實現了產品成本、供應鏈和固定費用的年度化削減。這包括降低營運成本，包括在 2025 年期間將我們的全球員工人數減少 20% 以上（其中大部分已經實施），與海運合作夥伴重新協商價格，將我們的 100% 貨運量鎖定在合約價格，並重點進行 SKU 合理化努力以消除低利潤、低週轉率的商品。所有這些都完善了我們的成本結構，使我們能夠更靈活地應對不斷變化的需求，同時又不影響執行力。

Beginning in July, we'll implement pricing changes originally planned as part of our 2025 product repositioning. As tariffs and the subsequent rising cost escalated, we carefully considered whether a further price increase would be necessary. But ultimately, we chose to hold the line. Staying true to our fan-first approach, we continue to believe that collecting should still be fun and accessible, even when the world gets more expensive. By holding the line on pricing while continuing to invest in value, we know we're protecting what matters most, the fan experience.

從 7 月開始，我們將實施最初計劃作為 2025 年產品重新定位的一部分的價格調整。隨著關稅和隨之而來的成本上升，我們仔細考慮是否有必要進一步提高價格。但最終，我們選擇堅守陣地。我們始終堅持以粉絲為中心，堅信即使世界變得越來越昂貴，收藏仍然應該充滿樂趣且易於接受。透過控制價格並繼續投資價值，我們知道我們正在保護最重要的東西——粉絲體驗。

Investments in sculpt quality, packaging and authentication continue because we believe better value doesn't have to mean higher cost.

我們繼續對雕刻品質、包裝和認證進行投資，因為我們相信更高的價值並不一定意味著更高的成本。

As we continue to navigate this complex trade environment, we also want to acknowledge the broader impact this moment has on our industry. Funko is proud to be part of the American creative economy. Our products are developed by teams across the United States from design to licensing, to digital, and we work with hundreds of domestic partners, who depend on the stability of this economy to drive jobs, innovation, and fan engagement.

在我們繼續應對這一複雜的貿易環境的同時，我們也希望認識到這一時刻對我們的行業產生的更廣泛的影響。Funko 很自豪能夠成為美國創意經濟的一部分。我們的產品由美國各地的團隊開發，從設計到授權，再到數位化，我們與數百家國內合作夥伴合作，他們依靠經濟的穩定來推動就業、創新和粉絲參與。

We support The Toy Association's advocacy for zero tariffs on toys and collectibles, and we stand with our peers in urging for free and fair trade policies that preserve creativity, accessibility and the millions of emotional connections that fans make with our products every day. Toys and collectibles aren't just goods, they're cultural touchstones. They inspire self-expression, innovation and community.

我們支持玩具協會對玩具和收藏品實行零關稅的倡議，並與同行們站在一起，呼籲推行自由和公平的貿易政策，以保護創造力、可及性以及粉絲每天與我們的產品建立的數百萬種情感聯繫。玩具和收藏品不僅僅是商品，它們還是文化的試金石。它們激發自我表達、創新和社區。

As one of the most culturally relevant players in our category, we take seriously our role not just as a licensee, but as a trusted brand partner. We're working closely with partners to find shared solutions that reduce the impact of tariffs from logistics and manufacturing, to product design and the end consumer experience.

作為我們行業中最具文化相關性的參與者之一，我們不僅認真對待自己作為被授權人的角色，而且認真對待自己作為值得信賴的品牌合作夥伴的角色。我們正在與合作夥伴密切合作，尋找共同的解決方案，以減少關稅對物流和製造、產品設計和最終消費者體驗的影響。

The silver lining, we believe these collaborations have strengthened key relationships that will help propel our business forward. Combined, these actions across our global network and business make each dollar work harder, positioning us to deliver for the fan while maintaining the quality they expect from our products.

值得慶幸的是，我們相信這些合作加強了關鍵關係，將有助於推動我們的業務向前發展。綜合起來，我們在全球網路和業務中採取的這些行動使每一美元都發揮更大的作用，使我們能夠為粉絲提供服務，同時保持他們對我們產品的期望品質。

Even in a disruptive environment, we're seeing clear evidence that our strategy is working. POS data, fan response and partner feedback, all point to continued traction, especially around new formats, differentiated IP, and more targeted storytelling. Let me share a few examples of where that momentum is showing up across our ecosystem.

即使在混亂的環境中，我們也看到了明顯的證據，表明我們的策略正在發揮作用。POS 數據、粉絲反應和合作夥伴反饋均表明其將繼續受到關注，尤其是在新形式、差異化 IP 和更有針對性的故事敘述方面。讓我分享幾個例子來說明這種勢頭在我們的生態系統中是如何體現的。

Our direct-to-consumer business remains a critical pillar of our long-term strategy, particularly as a source of fan engagement, margin strength and first-party data. Our Fan Rewards loyalty program continues to grow, engaging our most valuable fans who spend more, return more often and have a stronger connection with our brand proposition.

我們的直接面向消費者的業務仍然是我們長期策略的重要支柱，特別是作為粉絲參與度、利潤率和第一方數據的來源。我們的粉絲獎勵忠誠度計畫不斷發展，吸引我們最有價值的粉絲，他們消費更多、回頭率更高，並且與我們的品牌主張有更緊密的聯繫。

As we continue to scale Pop! Yourself and refine personalization through our newly launched customer data platform, we see this segment playing an outsized role in driving both profitability and brand advocacy. And perhaps, one of the clearest green shoots is in sports.

隨著我們繼續擴大 Pop！透過我們新推出的客戶數據平台，您可以自己完善個人化，我們看到這一部分在推動獲利能力和品牌宣傳方面發揮著巨大的作用。或許，最明顯的復甦跡象之一就出現在運動領域。

In the first four months of 2025, we launched Pop! Yourself at NBA All-Star Weekend with 100% sell-through, expanded into new team stores across Major League Baseball, the National Football League and the National Basketball Association. We launched a limited edition Pop! of Alex Ovechkin within hours of his record-breaking goal.

2025 年頭四個月，我們推出了 Pop！您在 NBA 全明星週末的銷售率達到 100%，並擴展到美國職棒大聯盟、國家橄欖球聯盟和美國國家籃球協會的新球隊商店。我們推出了限量版 Pop！亞歷克斯·奧維奇金 (Alex Ovechkin) 在破紀錄進球後的幾個小時內。

And yesterday, we announced our first-ever WNBA Pop! figures launching with A'ja Wilson, Angel Reese, Breanna Stewart, and Caitlin Clark. And while this wasn't by our design, we were delighted to see JuJu Watkins Pop! sitting courtside, during March Madness, standing in for the athlete herself while she recovered at home. It was a viral reminder of how deeply our fans connect with the stories behind our figures.

昨天，我們宣布了我們的首支 WNBA Pop！與 A'ja Wilson、Angel Reese、Breanna Stewart 和 Caitlin Clark 一起推出的人物模型。雖然這不是我們設計的，但我們很高興看到 JuJu Watkins Pop！在瘋狂三月期間，坐在場邊，代替運動員在家康復。它在網路上瘋傳，提醒我們粉絲對我們角色背後的故事有多麼深刻的共鳴。

The intersection of fandom and sports continues to grow, and Funko is well positioned to participate as a leader in the sports collectible space. We're still in early innings, but signals for continued growth are promising. At Funko, we built a business that moves fast, adapt smartly and thinks long term.

粉絲群和體育運動的交集不斷擴大，Funko 已做好充分準備，成為體育收藏領域的領導者。我們仍處於初期階段，但持續成長的跡象令人鼓舞。在 Funko，我們建立了一個發展迅速、適應力強、具有長遠眼光的企業。

In Q1, we proved that again. Even amid uncertainty, our team delivered better-than-expected results, stayed disciplined and continued investing in the future. This is what execution looks like, measured, creative and fan burst.

在第一季度，我們再次證明了這一點。即使面臨不確定性，我們的團隊仍然取得了超越預期的成果，保持紀律並繼續投資未來。這就是執行的樣子，有分寸，有創意，粉絲爆棚。

Yves will now walk you through our financials.

Yves 現在將向您介紹我們的財務狀況。

Thanks, Cynthia. Hey, everyone. Thanks for joining us today. For the first quarter, total net sales were $190.7 million, which was within our guidance range. Direct-to-consumer sales comprised 22% of our gross sales, which is comparable to last year's first quarter.

謝謝，辛西亞。嘿，大家好。感謝您今天加入我們。第一季度，總淨銷售額為 1.907 億美元，符合我們的預期範圍。直接面向消費者的銷售額占我們總銷售額的 22%，與去年第一季相當。

It's worth noting that shipping delays on products crossing the Mexico border hampered sales of Pop! Yourself in Q1. Gross profit was $76.9 million, equal to gross margin of 40.3%. SG&A expenses were $84.8 million, which was well below our guidance range. Adjusted net loss of $17.8 million or $0.33 per share was better than expected. And finally, negative adjusted EBITDA was $4.7 million, also better than expected.

值得注意的是，穿越墨西哥邊境的產品運輸延誤阻礙了 Pop！的銷售。您自己在第一季。毛利為7,690萬美元，毛利率為40.3%。銷售、一般及行政費用為 8,480 萬美元，遠低於我們的指導範圍。調整後淨虧損為 1,780 萬美元，即每股 0.33 美元，優於預期。最後，調整後的 EBITDA 為負 470 萬美元，也比預期好。

Turning to our balance sheet. At March 31, we had cash and cash equivalents of $25.9 million. Total debt was approximately $202.2 million, up $19.4 million from the end of the previous quarter. Net inventory was $87.7 million, down from $92.6 million at the end of Q4. And total company liquidity was $90.9 million, a decrease from $124.7 million at the end of Q4.

轉向我們的資產負債表。截至 3 月 31 日，我們的現金和現金等價物為 2,590 萬美元。總債務約 2.022 億美元，比上一季末增加 1,940 萬美元。淨庫存為 8,770 萬美元，低於第四季末的 9,260 萬美元。該公司總流動資金為 9,090 萬美元，較第四季末的 1.247 億美元有所下降。

Turning to our outlook. As Cynthia mentioned, we have decided to withdraw our formal 2025 full year outlook. The ongoing changes to global tariff policies as well as uncertainty about the macroeconomic environment make it difficult to provide reliable projections. However, I will provide a couple of high-level thoughts on our future performance.

轉向我們的展望。正如辛西亞所說，我們決定撤回正式的 2025 年全年展望。全球關稅政策的不斷變化以及宏觀經濟環境的不確定性使得提供可靠的預測變得困難。不過，我將對我們未來的表現提出一些高層次的想法。

For the second quarter, we expect our results to be negatively impacted by the effect of the tariff policies, both in terms of the tariffs themselves on our cost of goods sold as well as the disruption to sales related to direct import orders out of China. Because of this, today's 10-Q filing includes disclosures about the company's ability to continue as a going concern.

對於第二季度，我們預計我們的業績將受到關稅政策的負面影響，包括關稅本身對我們的銷售成本的影響，以及與中國直接進口訂單相關的銷售中斷的影響。正因為如此，今天的 10-Q 文件中披露了該公司繼續經營的能力。

At this time, we are in compliance with our debt covenants, and we have ample liquidity to operate the business. We have begun discussions with our lenders to obtain covenant relief in Q2, and we are evaluating strategies to refinance our debt. We are highly confident we will resolve this issue.

目前，我們遵守了債務契約，並且擁有充足的流動資金來經營業務。我們已經開始與貸方進行討論，以在第二季度獲得契約減免，並且我們正在評估再融資債務的策略。我們非常有信心能夠解決這個問題。

Turning to the second half of 2025, we expect our performance to improve compared with the first half based on the following. Most importantly, we expect to fully offset the impact of incremental tariffs within the year. At current rates, we estimate the incremental tariff costs to represent approximately $45 million. The offsets are driven by actions within our control, including accelerating our sourcing diversification initiatives, implementing price increases, and reducing costs.

展望 2025 年下半年，我們預期我們的業績將較上半年有所改善，具體如下。最重要的是，我們預計年內將完全抵銷增量關稅的影響。以目前的價格，我們估計增量關稅成本約為 4500 萬美元。抵銷措施由我們控制範圍內的行動推動，包括加速採購多樣化計劃、實施價格上漲和降低成本。

Additionally, in the US market, we're working closely with our largest customers to resume shipping direct import orders out of China. Finally, we also believe our international business, which represents more than one-third of our sales, will continue to gain momentum.

此外，在美國市場，我們正在與最大的客戶密切合作，恢復從中國直接發送進口訂單。最後，我們也相信，占我們銷售額三分之一以上的國際業務將繼續保持成長勢頭。

Cynthia, that's it for me. Back over to you.

辛西婭，對我來說就這樣了。回到你身邊。

Thanks, Yves. Before we open it up for questions, I want to reiterate that while we're navigating a challenging macro environment, we're also seeing the upside of our actions. We're strengthening partnerships, sharpening our focus and moving with greater speed and clarity about what matters most, delivering for our fans.

謝謝，伊夫。在我們開始提問之前，我想重申，雖然我們正在應對充滿挑戰的宏觀環境，但我們也看到了我們行動的好處。我們正在加強合作關係，加強我們的關注點，以更快的速度和更清晰的思路關注最重要的事情，為我們的粉絲提供服務。

I want to thank our teams, our partners and the fans who continue to show up for this brand. It is because of their support that we remain focused. We are moving fast and we're building for the long term with our community alongside us every step of the way.

我要感謝我們的團隊、合作夥伴以及持續支持這個品牌的粉絲。正是因為他們的支持，我們才能保持專注。我們正在快速前進，並與社區一起為長遠發展而努力。

With that, let's open the line for questions.

現在，讓我們開始回答問題。

(Operator Instructions) Antares Tobelem, Goldman Sachs.

（操作員指示） Antares Tobelem，高盛。

This is Antares on for Stephen. You guys talked through a lot of mitigation efforts you're taking in response to the current tariff situation. Can you offer any extra color on what some of these actions look like in practice, and particularly when it comes to passing through price adjustments? And maybe to the extent that you're already having those conversations, can you talk about what changes you're seeing in retailer sentiment or purchase patterns coming out of Easter?

這是為史蒂芬而生的心宿二。你們討論了針對當前關稅狀況採取的許多緩解措施。您能否進一步說明這些行動在實務上的具體表現，特別是在進行價格調整時的具體表現？也許您已經進行了這些對話，您能否談談復活節期間零售商情緒或購買模式發生了哪些變化？

Antares, first, I'd say the pricing that we're doing was a decision that we've made back in January. So we've had the benefit of talking to our retail partners about this for several months now, beginning back around the time of New York Toy Fair. The positive part of that was that we were able to talk about where we were positioned versus other collectibles. And the sentiment was generally that in Pop! Culture Collectibles, we're still a fantastic value and priced below comparable competitors. And so they have been aligned to this price point since early January.

Antares，首先，我想說，我們的定價是我們早在一月就做出的決定。因此，從紐約玩具展開始，我們已經與零售合作夥伴討論了這個問題好幾個月了。積極的一面是，我們能夠談論我們相對於其他收藏品的定位。人們普遍認為流行音樂！文化收藏品，我們的產品仍然具有極高的價值，並且價格低於同類競爭對手。因此，他們從 1 月初以來就一直保持這個價格點。

As the tariffs came in, we continued conversation with them as we discussed, should we go higher. And we really received not only a lot of support for not going up, we entered into some healthy discussions about how to hold the line on that pricing. And so if anything, it's deepened some partnerships with those retail partners. So that's the color there.

隨著關稅的出台，我們繼續與他們交談，討論是否應該提高關稅。我們不僅確實獲得了很多不漲價的支持，還就如何控制價格進行了一些有益的討論。因此，如果有的話，它就會加深與那些零售合作夥伴的一些合作關係。那就是那裡的顏色。

The Pops! will be priced at $14.99, and that's the price point that our exclusives had been sold at. That's our suggested retail price. So it's a price increase versus the $12 price that non-exclusives had, but it's the same price of what we did with exclusives. And we're investing some of that and improving the quality of the sculpts in the packaging and in the fan experience.

流行音樂！售價為 14.99 美元，這是我們獨家產品的售價。這是我們建議的零售價。因此，與非獨家產品的 12 美元價格相比，價格有所上漲，但與獨家產品的價格相同。我們正在投入一些資金來提高包裝和粉絲體驗中的雕塑品質。

Awesome. And maybe just as a quick follow-up, can you also talk maybe more about the POS trends that you're seeing so far in the quarter and maybe what you're looking for over the next few months in terms of trends there to maybe gain a bit more confidence in the rest of the year?

驚人的。也許只是為了快速跟進，您能否再多談談您在本季度迄今為止看到的 POS 趨勢，以及您對未來幾個月趨勢的預測，以便對今年剩餘時間的銷售更有信心？

Sure. I'll start with the US market. Obviously, that's the focus. We've talked in our last couple of calls about consumers looking for value being a little bit more choosy.

當然。我先從美國市場開始。顯然，這就是重點。我們在最近的幾次電話會議中談到，尋求價值的消費者變得更加挑剔。

We've actually seen some encouraging trends in the US market for our larger retailers. The year-to-date POS has been down mid-single-digit. Part of that, I would say, was driven by certain mass partners that we've had. There were some softness in footfall and some boycotts earlier in the year.

事實上，我們已經看到美國市場上一些大型零售商的令人鼓舞的趨勢。今年迄今，POS 已下降了中等個位數。我想說，部分原因是我們擁有的某些大型合作夥伴推動了這項進程。今年早些時候，客流量有所減少，並出現了一些抵制行為。

We've actually seen an improvement to that trend. For the past four weeks, we've actually been up low-single-digit POS in the US. So that's a very encouraging trend.

我們實際上已經看到這一趨勢有所改善。在過去的四周裡，我們的美國 POS 銷量實際上已經上漲了個位數。這是一個非常令人鼓舞的趨勢。

And in Europe, which I'll point out again, is over a third of our business; we continue to see good POS high single-digit comps year-over-year, and that business is gaining momentum.

我再次指出，歐洲占我們業務的三分之一以上；我們繼續看到 POS 銷售額同比保持良好的高個位數成長，而且該業務正在獲得發展勢頭。

And I know we said it in the script, but it's worth pointing out that POS sales in Europe's G5 markets actually outpaced the toy industry in Q1. We were at 8% up in POS, as reported by Circana, and the toy industry was up 1%.

我知道我們在腳本中提到了這一點，但值得指出的是，歐洲 G5 市場的 POS 銷售額在第一季度實際上超過了玩具行業。根據 Circana 報導，我們的 POS 銷售額成長了 8%，玩具產業銷售額成長了 1%。

Keegan Cox, D.A. Davidson & Co.

基根·考克斯（Keegan Cox），D.A. Davidson＆Co.

Hi, this is Keegan. So I kind of just wanted to get some clarity on the pricing. So those prices were already planned for the year. They weren't in response to the original 20% tariffs, right?

你好，我是 Keegan。所以我只是想弄清楚定價情況。所以這些價格已經是今年計畫好的了。這些措施並不是針對最初的 20% 關稅，對嗎？

That's correct. Hi, Keegan. It's nice to meet you virtually, by the way. Welcome to the call.

沒錯。你好，基岡。順便說一句，很高興在網路上認識你。歡迎來電洽詢。

Yes, nice to meet you as well. Perfect. And then just a follow-up on margins. I was wondering if margins came in kind of above your expectations, and if you guys could go through the drivers of that.

是的，我也很高興認識你。完美的。然後只是對利潤率的跟進。我想知道利潤率是否超出了您的預期，以及您是否可以解釋背後的原因。

Sure. Yes, nice to meet you, Keegan. Yes, our gross margin came in slightly above the high end of our guidance range. I would just point out that in Q1, there wasn't really much of a tariff impact in the quarter. We saw across the board just slight improvements over what we had forecasted, both in terms of our product margins, our inventory reserves and our discounts and allowances.

當然。是的，很高興見到你，基岡。是的，我們的毛利率略高於指導範圍的高端。我只想指出，在第一季度，關稅的影響其實並不大。我們看到，無論是產品利潤率、庫存儲備或折扣和折讓，整體情況都比我們預期的略有改善。

So just nothing -- no major driver to call out, but everything kind of came in line or slightly better than what we were expecting for Q1.

所以沒有什麼——沒有什麼主要的驅動因素，但一切都符合或略好於我們對第一季的預期。

Great. And then one more, if I can. I noticed the 20% headcount reduction. You said most of that has already taken place. That's really only a 1Q benefit, I guess. But as we look forward, how should I think about it?

偉大的。如果可以的話，再來一個。我注意到員工人數減少了20%。您說大部分情況已經發生了。我想，這其實只是第一季的收益。但當我們展望未來時，我該如何思考？

The way I think about it, Keegan, is we had a -- sorry, yes, it will show up in the cost savings. We had an action that took place in March and then another that took place yesterday, which I have to say was quite challenging for the management team, and of course, most importantly, for the employees, where we have friends and colleagues and fans, who helped build Funko, who aren't with us anymore.

基岡，我的想法是，我們有——抱歉，是的，它會反映在成本節約上。我們在三月採取了一項行動，然後昨天又採取了另一項行動，我不得不說這對管理團隊來說是相當大的挑戰，當然，最重要的是對員工來說，我們有一些朋友、同事和粉絲，他們幫助建立了 Funko，但現在他們已經不在我們身邊了。

And so that's a very difficult decision. That is the majority of that 20%. The remainder of it is about things that we won't be backfilling where we had some attrition or some hires that we had planned that we're not doing.

所以這是一個非常艱難的決定。這是那 20% 中的大多數。其餘部分是關於我們不會填補的一些職位，例如我們計劃中的人員流失或招聘，但我們沒有這樣做。

It will bring us down to -- finish out by 20%. So when you think about the benefit of it, a portion of it has already occurred in this quarter -- in Q2, and you'll see more of it throughout the remainder of the year.

這會讓我們的成績下降到 20%。因此，當您考慮它的好處時，其中一部分已經在本季（第二季）發生，您將在今年剩餘時間看到更多這樣的好處。

With no further questions on the line at this time, I will now turn the call back over to management for any closing remarks.

由於目前沒有其他問題，我現在將把電話轉回給管理層，請他們做最後發言。

Well, thank you, everyone, for joining us today on the call. We look forward to sharing our progress with you when we meet next time. Thanks so much.

好吧，謝謝大家今天參加我們的電話會議。我們期待下次見面時與您分享我們的進展。非常感謝。

This will conclude Funko's 2025 first-quarter financial results conference call. Thank you to everyone who joined us today. You may now disconnect your lines.

Funko 2025 年第一季財務業績電話會議就此結束。感謝今天與我們一起的所有人。現在您可以斷開線路了。