Funko Inc (FNKO) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Funko's 2025 second-quarter financial results conference call. (Operator Instructions) As a reminder, this call is being recorded.

下午好，歡迎參加Funko 2025年第二季財務業績電話會議。（操作員說明）提醒您，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.

現在我將把電話交給 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 second quarter financial results. On the call are Mike Lunsford, our Interim Chief Executive Officer; and Yves Le Pendeven, the company's Chief Financial Officer.

大家好，感謝各位今天與我們一起討論Funko公司2025年第二季的財務表現。參加電話會議的有我們的臨時執行長麥克·倫斯福德和公司財務長伊夫·勒·彭德文。

This call is being broadcast live at investor.funko.com. A playback will be available for at least one year on the company's website. 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.

本次電話會議正在 investor.funko.com 網站進行現場直播。會議錄音將在公司網站上保留至少一年。我想提醒大家，在本次電話會議中，管理階層的討論將包含前瞻性資訊。這些陳述代表了我們截至目前為止對公司未來業績和表現的最佳判斷。

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. In addition, during this call, we refer to non-GAAP financial measures that are not prepared in accordance with US generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies.

我們的實際業績受多種風險和不確定因素的影響，可能與已聲明或暗示的業績有重大差異，包括我們在獲利報告中討論的業績。有關可能導致實際結果與預期結果存在重大差異的因素的更多信息，請參閱我們最近向美國證券交易委員會提交的報告。此外，在本次電話會議中，我們將提及非公認會計準則財務指標，這些指標並非依照美國公認會計準則編制，可能與其他公司所使用的非公認會計準則財務指標有所不同。

Investors are encouraged to review Funko's press release announcing its 2025 second 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. Also, we have posted supplemental financial information on the Investor Relations section of the company's website, which includes, among other things, a gross margin bridge and key IP and product drivers.

我們鼓勵投資者查看 Funko 公司發布的 2025 年第二季財務業績新聞稿，以了解該公司採用非 GAAP 財務指標的原因。本公司今天稍早發布的獲利新聞稿中還附有非GAAP財務指標與最直接可比較的GAAP財務指標的調節表。此外，我們還在公司網站的投資者關係部分發布了補充財務信息，其中包括毛利率橋接分析以及關鍵知識產權和產品驅動因素等。

I will now turn the call over to Mike Lunsford. Mike?

現在我將把電話交給麥克·倫斯福德。麥克風？

Thanks, Rob. Good afternoon, everyone, and thank you for joining us. Many of you know me from my time as Funko's Interim CEO in 2023 and 2024 and as a long-time Board member. For the past month, I stepped in again at the Board's request to help Funko realize the full potential of its business by accelerating the organic growth initiatives, exploring financial and strategic options for the business and identifying Funko's next CEO. We have commenced a search for a permanent CEO. The search will focus on external candidates, and we expect to name the CEO in the near future.

謝謝你，羅伯。各位下午好，感謝各位的參與。你們中的許多人可能都認識我，因為我曾在 2023 年和 2024 年擔任 Funko 的臨時首席執行官，並且長期擔任董事會成員。過去一個月，我再次應董事會的要求介入，幫助 Funko 充分發揮其業務潛力，具體措施包括加速有機成長計劃、探索業務的財務和戰略選擇以及確定 Funko 的下一任執行長。我們已開始尋找正式的執行長。此次遴選將重點關注外部候選人，我們預計將在近期任命執行長。

Now let's move on to our financial performance and outlook. As we signaled on our last call, our Q2 financial results reflect the impact of the ever-changing and uncertain US trade policies. Nonetheless, we moved quickly to mitigate the financial impact of higher tariffs by cutting costs, including a workforce reduction of approximately 20%, accelerating our shift in production out of China to other sourcing countries, raising prices and making other necessary changes to minimize the ongoing impact of these trade disruptions.

現在我們來看看財務業績和前景。正如我們在上次電話會議中提到的，我們第二季度的財務表現反映了不斷變化且充滿不確定性的美國貿易政策的影響。儘管如此，我們還是迅速採取行動，透過削減成本（包括裁員約 20%）、加快將生產從中國轉移到其他採購國、提高價格以及做出其他必要的改變來減輕關稅上漲的經濟影響，從而最大限度地減少這些貿易中斷的持續影響。

While additional changes to the economic and trade environment may affect our future sales and earnings, we believe we now have a relatively robust plan for the back half of the year that will result in improved financial performance compared with the first half.

儘管經濟和貿易環境的進一步變化可能會影響我們未來的銷售額和收益，但我們相信，我們現在已經制定了一個相對穩健的下半年計劃，這將使財務業績比上半年有所改善。

I'll now turn it over to Yves to provide more detail on our Q2 results and second half outlook.

現在我將把發言權交給伊夫，讓他詳細介紹我們第二季的業績和下半年的展望。

Thanks, Mike. Hey, everyone. Thanks for joining us today. For the second quarter, total net sales were $193.5 million. The 22% decline compared with last year's second quarter was primarily due to the disruption of sales related to US tariff policies, more specifically a pause of orders out of China by our direct import customers.

謝謝你，麥克。大家好。感謝您今天收看我們的節目。第二季總淨銷售額為 1.935 億美元。與去年第二季相比下降了 22%，這主要是由於美國關稅政策導致的銷售中斷，更具體地說，是由於我們的直接進口客戶暫停了從中國訂購商品。

Direct-to-consumer sales comprised 21% of gross sales compared with 23% in the second quarter of last year. Gross profit was $62 million, equal to gross margin of 32.1%. Last year's Q2 gross profit was $104 million, equal to gross margin of 42%. Gross margin was favorably impacted by approximately 350 basis points as a result of reduced discounting compared to Q2 of last year.

直接面向消費者的銷售額佔總銷售額的 21%，而去年第二季則為 23%。毛利為 6,200 萬美元，毛利率為 32.1%。去年第二季毛利為 1.04 億美元，毛利率為 42%。與去年第二季相比，由於折扣減少，毛利率受到了約 350 個基點的有利影響。

However, that was more than offset by a shortfall in minimum guaranteed royalties caused by the sales disruption, the tripling of tariffs on imports and a build in inventory reserves versus inventory reserve relief in the same quarter last year.

然而，由於銷售中斷導致最低保證版稅短缺、進口關稅增加兩倍以及庫存儲備增加（與去年同期庫存儲備減免相比），這些損失被完全抵消了。

As a reminder, we posted supplemental financial information on our website, which includes a gross margin bridge. SG&A expenses were $82.3 million. SG&A expenses for the second quarter of last year were $77.9 million, which included a nonrecurring net benefit of $1.5 million.

再次提醒，我們在網站上發布了補充財務信息，其中包括毛利率差額。銷售、一般及行政費用為 8,230 萬美元。去年第二季的支出為 7,790 萬美元，其中包括 150 萬美元的非經常性淨收益。

Adjusted net loss was $26.7 million or $0.48 per share compared to adjusted net income of $5.6 million or $0.10 per diluted share. And finally, negative adjusted EBITDA was $16.5 million compared to adjusted EBITDA of $27.9 million.

調整後的淨虧損為 2,670 萬美元，即每股虧損 0.48 美元，而經調整後的淨利潤為 560 萬美元，即每股攤薄收益 0.10 美元。最後，調整後 EBITDA 為負 1,650 萬美元，而調整後 EBITDA 為 2,790 萬美元。

Turning to our balance sheet. At June 30, we had cash and cash equivalents of $49.2 million. Net inventory was $101.3 million. Our total debt was approximately $256.6 million, and total company liquidity was $54.2 million, which was comprised of $49.2 million in cash and cash equivalents and $5 million available to borrow on our revolving credit facility.

接下來來看看我們的資產負債表。截至6月30日，我們擁有現金及現金等價物4920萬美元。淨庫存為1.013億美元。我們的總債務約為 2.566 億美元，公司總流動資金為 5,420 萬美元，其中包括 4,920 萬美元的現金及現金等價物，以及可透過循環信貸額度借入的 500 萬美元。

Turning now to our outlook. Continuing uncertainty around global tariff policies as well as the macroeconomic environment understandably make it difficult to provide a formal outlook. However, I will provide a couple of high-level thoughts on our second half performance. For the back half of 2025, we expect our performance to improve compared with the first half.

現在來談談我們的展望。全球關稅政策和宏觀經濟環境持續存在不確定性，因此很難給予正式的展望。不過，我還是想就我們下半場的表現提出幾點高屋建瓴的看法。我們預計2025年下半年的業績將比上半年有所改善。

We expect second half net sales to be down high single digits compared with the second half of 2024. We expect second half adjusted EBITDA margin to be in the mid- to high single digits range, and we expect Q4 results to ramp up over Q3.

我們預計下半年淨銷售額將比 2024 年下半年下降近 10%。我們預計下半年調整後 EBITDA 利潤率將在個位數中高段位，並且我們預計第四季度業績將比第三季度有所提升。

Our belief in an improved second half of 2025 compared with the first half is based on several factors, including, in the US market, we have resumed shipping orders to our direct import customers and fully implemented our price increases.

我們相信 2025 年下半年的業績將比上半年有所改善，這一信念基於以下幾個因素：在美國市場，我們已經恢復向直接進口客戶發貨，並全面實施了價格上漲。

In addition, we are encouraged by the relatively resilient trend in POS sales. In the first half of 2025, POS sales reported in units by some of our larger wholesale customers were down just 5%, significantly better than the decline in year-over-year sell-in, which again was impacted by the pause in orders by our direct import customers.

此外，POS銷售的相對韌性趨勢也令我們感到鼓舞。2025 年上半年，我們一些大型批發客戶報告的 POS 銷售（以件為單位）僅下降了 5%，明顯好於同比銷售量的下降，而同比銷售量再次受到我們直接進口客戶暫停訂購的影響。

In Q2, POS sales comped up 3% over Q2 of last year. Meanwhile, our international business, which represents more than one-third of our sales, continued to gain momentum with 18% POS sales growth in the first half of the year and 28% POS sales growth in Q2. Also, we remain on track to launch Pop! Yourself in Europe in time for the upcoming holiday season. And we saw good growth in Q2 from our Bitty Pop! line as well as from our sports products category.

第二季度，POS銷售額比去年同期成長3%。同時，占我們銷售額三分之一以上的國際業務持續維持成長勢頭，上半年 POS 銷售額成長 18%，第二季 POS 銷售額成長 28%。此外，我們仍按計劃推出 Pop！趕在即將到來的假期之前抵達歐洲。我們的 Bitty Pop！在第二季度實現了良好的成長。以及我們體育用品類別的產品線。

We continue to expect to fully offset the financial impact of incremental tariffs within the current year. We now estimate the incremental duties and tariff costs in 2025 to be approximately $40 million compared to our earlier estimate of $45 million.

我們仍預期在今年內完全抵銷新增關稅帶來的財務影響。我們現在估計，到 2025 年，新增關稅和進口稅費約為 4,000 萬美元，而我們先前的估計為 4,500 萬美元。

The key elements of our tariff mitigation plan, which include increasing prices in the US market, shifting production out of China and into Vietnam and other sourcing countries and reducing our SG&A run rate are all largely implemented.

我們的關稅緩解計畫的關鍵要素，包括提高美國市場價格、將生產從中國轉移到越南和其他採購國以及降低銷售、管理及行政費用率，都已基本實施。

A few comments on our debt and other corporate matters. As announced three weeks ago, we executed an amendment to our existing credit facilities. The amendment includes waivers for the maximum net leverage ratio and the minimum fixed charge coverage ratio for the fiscal quarters ended June 30, 2025, and ending September 30, 2025.

關於我們的債務和其他公司事務，有幾點需要說明。正如三週前宣布的那樣，我們對現有的信貸安排進行了修訂。該修正案包括豁免截至 2025 年 6 月 30 日和 2025 年 9 月 30 日的財政季度的最高淨槓桿率和最低固定費用覆蓋率。

The waivers to financial covenants provide the company with additional flexibility during this dynamic period. Nonetheless, like last quarter, our 10-Q filing for the 2025 second quarter includes disclosures about the company's ability to continue as a going concern. We are now turning our attention to refinancing our debt, which becomes due in September of 2026.

財務契約的豁免為公司在這個充滿活力的時期提供了更大的靈活性。不過，與上個季度一樣，我們提交的 2025 年第二季 10-Q 文件中揭露了公司持續經營的能力。我們現在正將注意力轉向債務再融資，我們的債務將於 2026 年 9 月到期。

We've engaged Moelis & Company LLC to advise the company on the refinancing process as well as to evaluate other financial and strategic options. To bolster our liquidity during this process, today, we filed with the SEC a Form S-3, which renews our shelf registration and enables the company to issue equity.

我們已聘請 Moelis & Company LLC 為公司提供再融資流程的諮詢，並評估其他財務和策略選擇。為了在此過程中增強我們的流動性，今天，我們向美國證券交易委員會提交了 S-3 表格，該表格更新了我們的擱架註冊，使公司能夠發行股票。

Today, we also filed with the SEC a prospectus for an at-the-market or ATM equity offering, which once our Form S-3 goes effective, will allow us to sell shares of our common stock from time to time, having an aggregate value of up to $40 million.

今天，我們也向美國證券交易委員會提交了一份以市價發行（ATM）股票的招股說明書。一旦我們的 S-3 表格生效，我們將可以不時出售我們的普通股，總價值可達 4000 萬美元。

With that, I'll turn it back to you, Mike.

那麼，現在輪到你了，麥克。

Thanks, Yves. I want to return to the three areas of focus of the Board. We have commenced the search for a new CEO and hope to name someone by the end of this quarter. We continue to work on accelerating organic growth initiatives and returning to the level of profitability you expect from Funko and believe we are making good progress on improving our financial performance in the back half of the year. Finally, as Yves described, we have also made good progress on financial and strategic options, including finalizing the debt amendment and filing the ATM.

謝謝你，伊夫。我想回到董事會的三個重點領域。我們已開始尋找新的首席執行官，並希望在本季末之前確定人選。我們將繼續努力加快有機成長計劃，恢復到您期望 Funko 達到的盈利水平，並相信我們在下半年改善財務業績方面取得了良好進展。最後，正如伊夫所描述的那樣，我們在財務和戰略選擇方面也取得了良好進展，包括最終確定債務修正案和提交 ATM 申請。

Funko's Board and I believe that Funko's best chapters are still ahead. We're committed to profitable growth, operational discipline and above all, delivering for our fans in ways that only Funko can.

Funko 董事會和我相信，Funko 最輝煌的篇章還在未來。我們致力於實現獲利成長、嚴格運營，最重要的是，以只有 Funko 才能做到的方式為我們的粉絲提供服務。

With that, we'll open the call for questions. Operator?

接下來，我們將開始接受提問。操作員？

(Operator Instructions)

（操作說明）

Eric Wold, Texas Capital Bank.

埃里克·沃爾德，德克薩斯資本銀行。

Thank you. Good afternoon. A few questions, and I apologize, I haven't had a chance to read through the entire 10-Q yet. So I know some may be in there. But I guess first question, looking at the adjusted EBITDA in the quarter, obviously, I know a lot of disruptions in the quarter around your gross margin kind of navigating the tariffs and kind of getting on the shipments in the quarter. It doesn't look like anything was added back to adjusted EBITDA around potential kind of onetime SG&A items in the quarter around the disruption.

謝謝。午安.幾個問題，很抱歉，我還沒有機會通讀整個 10-Q 表格。所以我知道裡面可能有一些。但我想先問第一個問題，看看本季的調整後 EBITDA，顯然，我知道本季毛利率受到了很多幹擾，例如應對關稅問題以及本季的出貨情況。看起來，本季因疫情中斷而可能產生的一次性銷售、管理及行政費用並沒有計入調整後的 EBITDA。

Anything that you potentially call out maybe not to be added back, but anything in that $82 million of SG&A in the quarter that you maybe kind of say was somewhat not normal as you kind of navigated around the issues in the quarter that we should kind of think about as you kind of model going forward?

您可能指出的一些項目或許不應該加回去，但本季 8,200 萬美元的銷售、一般及行政費用中，有哪些項目您認為有些不正常，例如，您在處理本季遇到的問題時，有哪些項目是我們在未來建模時應該考慮的？

Eric, this is Yves. That's a great question. It's a little bit hard to quantify in terms of the top line disruption in the quarter that was just isolated to the tariffs announcement. What I would point you to are some supplemental slides that we posted on our IR website, and I did provide a gross margin bridge there. You'll see on there that about almost 5 points of our margin decline year-over-year was directly attributed to the tariff announcement. So I think that's one thing I would point to in the quarter that was -- I don't know that I'd call it onetime, but it certainly was a big variance compared to Q2 of last year.

埃里克，這位是伊夫。這是一個很好的問題。很難量化關稅公告對本季營收造成的直接影響。我想向您推薦一些我們發佈在投資者關係網站上的補充幻燈片，我在那裡提供了毛利率的說明。你會發現，我們年比利潤率下降近 5 個百分點直接歸因於關稅公告。所以我覺得這是我在本季要指出的一點——我不知道我是否會稱之為一次性事件，但與去年第二季相比，這確實是一個很大的差異。

Got it. And then when you talked about on the first quarter call, you talked about you halted the Q2 inbound orders to avoid the tariffs and you talked about now you kind of resumed those now. As you think about Q3 and the orders that were kind of halted or paused in Q2, how would you characterize the orders that were paused? Were the majority of those kind of resumed, canceled somewhere in between? How should we think about the orders in Q3?

知道了。然後，你在第一季電話會議上談到，為了避免關稅，你暫停了第二季的進口訂單，現在你又恢復了這些訂單。回顧第三季以及第二季那些被暫停或中止的訂單，你會如何描述這些被中止的訂單？大多數活動是恢復了，還是在兩者之間被取消了？我們該如何看待第三季的訂單狀況？

Are those kind of the ones that were paused in Q2 kind of pushed to Q3 or new? Kind of trying to get a sense of kind of what was kind of shifted? Or was there a good percentage of those in Q2 that were paused that were kind of end up being canceled as a result of something else kind of came up between Q1, Q2 and where we are sit today?

這些項目是第二季暫停的，延後到第三季了嗎？還是全新的項目？想了解究竟發生了什麼變化？或者說，第二季暫停的項目中有相當一部分最終被取消，是因為第一季和第二季之間出現了其他一些問題，才導致了我們今天所處的局面？

Yeah, that's a great question. So I think the interruption in terms of shipping the orders to direct import customers was primarily happening in the April and May months. The good news is we were able to kind of work out pricing arrangements with our key customers to get those orders moving again in June. There are some orders that were intended to ship in Q2 that have rolled over into early Q3. Again, it's a little bit difficult to quantify that.

是的，這是一個很好的問題。所以我認為，向直接進口客戶發貨的中斷主要發生在四月和五月。好消息是，我們與主要客戶達成了價格協議，使這些訂單在六月重新開始運作。有些原定於第二季出貨的訂單已經延期至第三季初出貨。同樣，這有點難以量化。

But the good news is that we've got those orders flowing again. We've implemented our price adjustments. And we have a pretty good visibility on our Q3 order book right now, and things are looking good in terms of normal kind of shipping patterns and seasonality of the business. I would say at this point in time, barring any kind of unforeseen new announcements about tariffs and so forth that we've resumed normal shipping patterns.

但好消息是，訂單又開始源源不絕地來了。我們已實施價格調整。目前我們對第三季的訂單情況有相當清晰的了解，從正常的出貨模式和業務季節性來看，情況看起來不錯。我認為，目前來看，除非出現任何關於關稅等方面的不可預見的新公告，否則我們已經恢復了正常的航運模式。

Perfect. Thanks and congrats on that getting through this. Thank you very much, appreciate it.

完美的。謝謝，恭喜你順利度過難關。非常感謝，感激不盡。

Thank you.

謝謝。

Thanks, Eric.

謝謝你，埃里克。

Keegan Cox, DA Davidson and Co.

Keegan Cox，DA Davidson 和 Co.

Thanks guys. My first question, I just wanted to kind of get any idea of early customer reaction to your price increases from July 1.

謝謝各位。我的第一個問題是，我想了解客戶對貴公司從7月1日起漲價的早期反應。

Sure. It's something that we're watching very closely. We have kind of real-time e-commerce data. And the great news there is that we've adjusted pricing beginning early July. As far as our e-commerce sales have gone, we've seen no negative impact on unit volumes, continued great sell-through on the new items that we're launching at the higher prices.

當然。我們正在密切關注此事。我們擁有某種即時電子商務數據。好消息是，我們已經從7月初開始調整了價格。就我們的電子商務銷售而言，我們沒有看到銷售受到任何負面影響，我們以較高價格推出的新產品也繼續保持良好的銷售勢頭。

In terms of our wholesale data, we have about half of our customers, larger customers that report their POS sales directly to us. And again, it's a little bit too early to say.

就我們的批發數據而言，我們大約有一半的客戶（較大的客戶）直接向我們報告他們的 POS 銷售情況。再次強調，現在下結論還太早。

Some of those customers were still selling through items at the older prices throughout July while bringing in the new items at the higher prices. So it's a little bit of a -- there's some noise in there when we look at the July data. But I'm happy to report that similar to our e-com business, we don't see a meaningful dip in POS unit volumes that I could attribute to the pricing changes.

7 月份，部分顧客仍在以舊價格銷售舊商品，同時以更高的價格進貨新商品。所以，當我們查看7月的資料時，會發現其中存在一些雜訊。但我很高興地報告，與我們的電子商務業務類似，我們沒有看到 POS 機銷量明顯下降，這可以歸因於價格變化。

Got it. And then just a clarifying question on the guidance. Adjusted EBITDA margins of mid- to high single digits, is that for the full year or just for the second half?

知道了。最後，我還有一個關於指導意見的澄清問題。調整後 EBITDA 利潤率達到中高個位數，這是全年數據還是僅指下半年數據？

That is for the second half of the year and then a progressive improvement from Q3 to Q4.

這是指下半年的情況，然後從第三季到第四季逐步改善。

Got it. And just to follow up on that, do you guys think you'll have enough cash to last through the end of the year with the ATM and the S-3 filing because you're pushing up right on your revolver and it seems like you've been bleeding cash.

知道了。最後再補充一點，你們覺得有了 ATM 和 S-3 文件，你們的現金夠用到年底嗎？因為你們的循環信用額度快用完了，而且看起來你們一直在大量燒錢。

Well, I mean, obviously, our liquidity has been impacted by the fact that sales were disrupted for a couple of months, and that led to lower collections than we expected. But as I said in the call, we've entered into our fourth amendment to our credit agreement. We have covenant waivers, which is great news. We also announced the filing of an ATM today, which gives us additional flexibility. If we want to raise cash, we'll have the ability to do so. But we're very focused on the refinancing process, and our goal is still to refinance our debt before the end of this year.

嗯，我的意思是，很顯然，由於銷售中斷了幾個月，我們的流動性受到了影響，導致收款金額低於預期。但正如我在電話中所說，我們已經簽署了信貸協議的第四份修訂案。我們獲得了契約豁免，這是個好消息。我們今天也宣布提交了一份 ATM 申請，這將為我們帶來更大的靈活性。如果我們想籌集資金，我們將有能力做到。但我們目前非常專注於再融資過程，我們的目標仍然是在今年年底前完成債務再融資。

Awesome, thank you.

太棒了，謝謝。

Thank you. We have no further questions. So I will now hand back over to the management team for closing remarks.

謝謝。我們沒有其他問題了。現在我將把發言權交還給管理團隊，請他們作總結發言。

Well, thank you, everyone, for joining us on the call today. We look forward to sharing our progress on our next call. Talk to you next time.

謝謝大家今天參加我們的電話會議。我們期待在下次電話會議上與大家分享我們的進展。下次再聊。

This concludes today's call. Thank you for joining everyone. You and our disconnect your lines.

今天的電話會議到此結束。謝謝大家的參與。你和我們斷開了線路。