Funko Inc (FNKO) 2025 Q3 法說會逐字稿

Good afternoon and welcome to Funko's 2025 third quarter financial results conference call. (Operator Instructions) I will now hand the conference over to Funko's director of investor relations, Rob Jaffe. Please proceed.

下午好，歡迎參加Funko 2025年第三季財務業績電話會議。（操作說明）現在我將把會議交給 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 third quarter financial results. I'm the caller, Josh Simon, our recently appointed Chief Executive Officer, and Eve La Pendeen, the company's Chief Financial Officer. 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.

大家好，感謝各位今天與我們一起討論Funko公司2025年第三季的財務表現。我是來電者，喬許‧西蒙，我們新任命的執行長；還有伊芙‧拉彭丁，公司財務長。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。

I want to remind everyone that during the course of this call, management's discussion will include forward-looking information.

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。

These statements represent our best judgment, as of today, about the company's future results and performance.

這些聲明代表了我們截至今日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.

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。

Additional information concerning factors that could cause actual results to differ materially is contained in our most recently filed SEC reports.

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。

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

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 third 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.

我們鼓勵投資者查看 Funko 公司發布的 2025 年第三季財務業績新聞稿，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。

Also, we have posted supplemental financial information on the investor relations section of the company's website, which includes, among other things, a net sales bridge, a gross margin bridge, and key IP and product drivers.

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，其中包括淨銷售額橋樑、毛利率橋樑以及關鍵知識產權和產品驅動因素等。

I will now turn the call over to Josh Simon.

現在我將把電話交給喬許·西蒙。

Thanks, Rob. Good afternoon, everyone, and thank you for joining us. This is my first earnings conference call at Funko, and I want to start by saying I couldn't be more thrilled to be joining the team at this exciting time. Over the course of my career, I've seen this industry from a variety of perspectives—making movies at Disney, creating products at Nike, and most recently leading the global consumer products and live experiences division at Netflix.

謝謝你，羅伯。各位下午好，感謝各位的參與。這是我加入 Funko 後第一次參加財報電話會議，首先我想說，能夠在這個激動人心的時刻加入這個團隊，我感到無比興奮。在我的職業生涯中，我從各種角度了解了這個行業——在迪士尼製作電影，在耐吉創造產品，以及最近在 Netflix 上領導全球消費品和現場體驗部門。

Now, across all those worlds, I gained a strong understanding of fandom, the culture of entertainment, and how it translates into physical products. And I can unequivocally say there is no one better at it than Funko.

現在，透過接觸所有這些領域，我對粉絲文化、娛樂文化以及它如何轉化為實體產品有了深刻的理解。我可以毫不含糊地說，在這方面沒有人比Funko做得更好。

There's one clear trend I saw across my years in entertainment and consumer products: almost every filmmaker, creator, or celebrity with whom I've worked inevitably asked if they would get their own Funko Pop. It's seen as a sign of having made it in the entertainment world among the biggest Hollywood talent. From the outside, that love for Funko and its brand and products was energizing.

在我多年從事娛樂和消費品行業的經歷中，我發現了一個明顯的趨勢：幾乎每一位與我合作過的電影製作人、創作者或名人都會問他們是否可以擁有自己的 Funko Pop 娃娃。這被視為在好萊塢頂尖人才中躋身娛樂界的標誌。從旁觀者的角度來看，這種對 Funko 及其品牌和產品的熱愛令人振奮。

Now, I want to begin with some takeaways from my first 60 days after diving deep into the business and speaking with our customers, licensors, and employees. Then I'll outline some of what I think it will take to get back to growth.

現在，我想先分享我深入了解業務並與客戶、授權商和員工交談後的前 60 天的一些心得體會。然後我將概述我認為恢復成長需要採取的一些措施。

I had the opportunity to meet with some of our most passionate fans at our retail stores and at New York Comic-Con. I've been able to spend time with our employees in the U.S. and Europe, and we've engaged in senior leadership strategy sessions with key retailers like Hot Topic, Walmart, and Target; licensed stores like Disney, Warner Brothers, Universal, and Netflix. I have a deep, long-standing set of relationships with most of these partners and welcomed an honest dialogue.

我有機會在我們的零售店和紐約動漫展上與我們一些最熱情的粉絲見面。我有機會與我們在美國和歐洲的員工共度時光，我們還與 Hot Topic、沃爾瑪和 Target 等主要零售商以及迪士尼、華納兄弟、環球影業和 Netflix 等授權商店進行了高層領導戰略會議。我與這些合作夥伴中的大多數都建立了深厚而長久的關係，我歡迎坦誠的對話。

In talking with our partners, I heard two consistent themes. First and most importantly, they see the growth opportunity together and are energized by the far-reaching scope of our brand and products. And second, they suggested some very clear areas where we can improve. We definitely appreciate and value their feedback, and we'll use it to further strengthen our competitive advantages. Namely, first, we have a passionate and broad fan base.

在與合作夥伴的交流中，我聽到了兩個反覆出現的主題。首先也是最重要的是，他們看到了共同的成長機會，並被我們品牌和產品的廣泛影響力所鼓舞。其次，他們明確指出了我們可以改進的一些方面。我們非常感謝並重視他們的回饋，我們將利用這些回饋進一步增強我們的競爭優勢。首先，我們擁有熱情而廣泛的粉絲群。

In September, at a fan event at our Hollywood store, I was able to celebrate an important milestone for the company—1 billion units sold. This amazing achievement puts us in very rare company among the most successful toy brands in the world. Membership in our fan loyalty program has grown 27% since the start of the year. We have a strong footprint of 9 million followers across our social media channels. And our customer base is highly diversified and evenly split between male and female, with purchasers across an 18 to 55-year-old demographic, many of whom are buying for kids.

9 月，在我們好萊塢門市舉辦的粉絲見面會上，我慶祝了公司的一個重要里程碑——銷售量突破 10 億台。這項驚人的成就使我們躋身全球最成功的玩具品牌之列，實屬罕見。自年初以來，我們粉絲忠誠度計畫的會員人數增加了 27%。我們在社群媒體平台上擁有900萬粉絲，影響力巨大。我們的客戶群非常多元化，男女比例大致相當，購買者年齡在 18 至 55 歲之間，其中許多人為孩子購買商品。

Second, we work with the world's biggest IP and serve fans across every corner of the pop culture universe. Our robust relationships across multiple genres, more than 900 active licensed properties, and 250+ content providers create a strong moat around this industry-leading portfolio of licenses. Our product offering is highly diversified—we're not reliant on one character or single franchise.

其次，我們與全球最大的IP合作，服務流行文化世界各個角落的粉絲。我們在多個領域建立了穩固的關係，擁有超過 900 個活躍的授權產品和 250 多個內容提供商，這為我們行業領先的授權產品組合構築了強大的護城河。我們的產品種類非常豐富－我們不依賴單一角色或單一品牌。

Now, I'm pleased to announce that we've recently signed several multi-year renewal agreements with major licensing partners: Warner Brothers, NBC Universal, 20th Century, Paramount, and our biggest partner, the Walt Disney Company, which includes Pixar, Marvel, and Lucasfilm.

現在，我很高興地宣布，我們最近與幾家主要的授權合作夥伴簽署了多項多年續約協議：華納兄弟、NBC環球、20世紀福斯、派拉蒙影業，以及我們最大的合作夥伴華特迪士尼公司（旗下包括皮克斯、漫威和盧卡斯影業）。

Third, our products are sold everywhere fans shop through a large and diversified global network of retailers, including more than 1,400 mass market, specialty, e-commerce, and mom-and-pop partners around the world, as well as our own websites and flagship stores. There are very few brands that are equally relevant across a mass retailer like Walmart, and they can spark a robust resale market on eBay at the same time.

第三，我們的產品透過龐大且多元化的全球零售商網路銷往粉絲購物的任何地方，其中包括遍布全球的 1400 多家大眾市場、專賣店、電子商務和夫妻店合作夥伴，以及我們自己的網站和旗艦店。很少有品牌既能在沃爾瑪這樣的大型零售商中保持同樣的知名度，又能同時在 eBay 上掀起強勁的轉售市場。

I'm still early into my tenure here, but my leadership team and I have identified our areas of focus and are ready to act immediately. Our growth will be driven by what we're calling our Make Culture Pop strategy, built at the intersection of three pillars: culture, creativity, and commerce. This is where Funko has excelled and will align our priorities and organization to maximize the opportunity in these three focus areas.

我上任時間尚短，但我和我的領導團隊已經確定了我們的工作重點領域，並準備立即採取行動。我們的成長將由我們稱之為「讓文化流行起來」的策略所驅動，該策略建立在文化、創造力和商業這三大支柱的交匯點上。Funko 在這些方面表現出色，我們將調整我們的優先事項和組織架構，以最大限度地掌握這三個重點領域的機會。

Let's start with culture. We aim to be the definitive brand for transforming pop culture into products. That includes fandoms that are existing strengths like film and TV, along with exploring new corners of pop culture through categories like footwear, cosmetics, and food. We can do more in the areas of K-pop, sports, music tours, and fashion—and work with relevant content creators to expand into newer areas of fandoms like Twitch streamers, YouTubers, and influencers. We want our products to be at the centre of the moments everyone is talking about, created by us or with us.

讓我們從文化開始。我們的目標是成為將流行文化轉化為產品的權威品牌。這包括電影和電視等現有優勢領域的粉絲群體，以及透過鞋類、化妝品和食品等類別探索流行文化的新領域。我們可以在 K-pop、體育、音樂巡迴和時尚領域做更多的事情——並與相關的內容創作者合作，拓展到 Twitch 主播、YouTube 用戶和網紅等新的粉絲群領域。我們希望我們的產品能成為大家熱議的話題焦點，無論是由我們創造或與我們合作創造。

Now, some examples of what that means...

現在，讓我們舉幾個例子來說明它的意義…

We will look to identify trends even faster and supercharge our speed to market. Let me give you a quick example of what I mean through the lens of K-pop Demon Hunters, Netflix's most popular movie ever. Our team was among the first to recognize the appeal of this property for both mass audiences and collectors. We moved quickly to create an exciting lineup of products that has become one of our biggest pre-sale items ever when it launched on Funko.com a month ago.

我們將力求更快辨識趨勢，並大幅提升產品上市速度。讓我以 Netflix 有史以來最受歡迎的電影《K-pop 惡魔獵人》為例，快速舉個例子來說明我的意思。我們的團隊是最早意識到這處房產對大眾和收藏家都具有吸引力的團隊之一。我們迅速行動，打造了一系列令人興奮的產品，這些產品在一個月前於 Funko.com 上推出後，成為了我們有史以來預售量最大的產品之一。

And the Funko team was able to bring this product offering to market within just a couple of months—across Pop figures, backpacks, and accessories—compared with much longer lead times by other major toy companies. This speed to market is one of our unique advantages, and we will be one of the only toy companies to have K-pop Demon Hunters products on retail shelves this holiday season.

Funko 團隊僅用了幾個月的時間就將這一系列產品推向市場——包括 Pop 人偶、背包和配件——而其他大型玩具公司的交付週期則要長得多。這種快速上市的能力是我們的獨特優勢之一，我們將是今年假期季節在零售貨架上銷售 K-pop Demon Hunters 玩具產品的少數幾家公司之一。

We're operationalizing our quick strike and hyper strike offense across our entire value chain to make this more repeatable.

我們正在將快速打擊和超強打擊進攻策略應用到整個價值鏈中，使其更具可重複性。

By operating at a faster pace and being more on-trend, we also aim to position our products at the centre of what everyone is talking about across all corners of pop culture. For example, we partnered with The Late Show with Stephen Colbert for a surprise on-air product reveal timed to the show's 10th anniversary in September. The episode featured Stephen Colbert unveiling a brand new Funko Pop and marked a major crossover moment between late-night television and fandom culture.

透過加快營運速度並跟上潮流，我們也旨在將我們的產品定位在流行文化各個領域人們談論的中心。例如，我們與史蒂芬·科爾伯特主持的《深夜秀》合作，在9月份該節目播出10週年之際，進行了一次驚喜的電視直播產品發布會。該集節目中，史蒂芬·科爾伯特揭曉了一款全新的 Funko Pop 娃娃，標誌著深夜電視節目與粉絲風格之間的重大跨界融合。

The launch included a live studio audience giveaway, creating a shared moment of celebration between Colbert, his millions of at-home viewers, and Funko collectors around the world.

發布會包括現場觀眾贈送禮品環節，讓科爾伯特、數百萬在家觀看節目的觀眾以及世界各地的 Funko 收藏家共同慶祝這一時刻。

In music, we added to our Funko Pop's music artist collection with Feid, a Latin American sensation with nearly 30 million fans across Instagram and TikTok.

在音樂方面，我們為 Funko Pop 的音樂藝術家系列新增了 Feid，這位拉丁美洲音樂人擁有近 3000 萬 Instagram 和 TikTok 粉絲。

In just a few weeks, our partnership has driven more than 5.7 million views on social media and is representative of our efforts to work with more artists who are in the global zeitgeist and create touchpoints for our growing customer base outside of the U.S.

短短幾週內，我們的合作就在社群媒體上獲得了超過 570 萬次的觀看量，這代表了我們與更多符合全球時代精神的藝術家合作，並為我們在美國以外不斷增長的客戶群創造接觸點的努力。

In addition to Feid, we've recently added a number of other artists to our Funko Pop's music artist collection, including the K-pop band BTS, the Swedish rock band Ghost, Sabrina Carpenter, and classic artists like Tom Petty, Metallica, and Ozzy Osbourne. Now, an important part of cultural relevance also comes from embracing our community of passionate collectors around the world.

除了 Feid 之外，我們最近還在 Funko Pop 的音樂藝術家系列中新增了許多其他藝術家，包括韓國流行樂隊 BTS、瑞典搖滾樂隊 Ghost、Sabrina Carpenter 以及 Tom Petty、Metallica 和 Ozzy Osbourne 等經典藝術家。如今，文化相關性的一個重要面向也來自於接納我們遍布全球的熱情收藏家群體。

Just as I saw at Nike, supporting the collectors market through exclusive drops and giving them something special is critical to building fan communities and driving brand awareness and excitement.

正如我在耐吉公司看到的那樣，透過獨家發售來支持收藏家市場，並給他們一些特別的東西，對於建立粉絲群體、提高品牌知名度和激發粉絲熱情至關重要。

It's a major priority for us to rebuild credibility and enthusiasm with core collectors and mega fans who have been loyal to us for years by improving execution around limited editions, storytelling, and drop cadence.

重建核心收藏家和鐵桿粉絲的信任和熱情，是我們的首要任務，他們多年來一直忠於我們，我們將透過改進限量版產品、故事敘述和發售節奏來做到這一點。

In the third quarter, we dropped a number of limited edition collectible Pop figures with various tiers of rarity: Donn Harrow from The Lord of the Rings, Starkiller from Star Wars, Sonic, Spider-Cat, Bob's Big Boy, and Phantasm. Each of these one-of-a-kind Pops sold out within one hour. For the community of sports fans, we expanded our relationship with Inter Miami of Major League Soccer.

第三季度，我們推出了一系列不同稀有度的限量版收藏版Pop玩偶：來自《指環王》的唐·哈羅、來自《星球大戰》的斯塔克勒、索尼克、蜘蛛貓、鮑勃的大男孩和幻影。這些獨一無二的Pop玩偶都在一小時內售罄。對於運動迷群體，我們擴大了與美國職業足球大聯盟邁阿密國際隊的合作關係。

At the start of this MLS season, we have dedicated retail space at the team's new state-of-the-art home stadium, where fans will be able to purchase on-site a Pop Yourself with Inter Miami's official logo, standard Funko Pop figures of the team's most famous players, and exclusive products only available at the store. Or take the growing global fandom of anime—we have even more opportunity to grow this business, which represented 30% of our sales in Q3 and is now our second-largest fan vertical. The U.S. market for anime remains very strong, and we've only scratched the surface with expansions in Europe, Asia, and Latin America.

在本賽季美國職業足球大聯盟 (MLS) 開始時，我們在球隊新建的最先進的主場體育場內設有專門的零售空間，球迷們可以在那裡現場購買印有邁阿密國際官方標誌的“Pop Yourself”玩偶、球隊最著名球員的標準 Funko Pop 玩偶，以及僅在商店出售的獨家產品。或者以日益增長的全球動漫粉絲群為例——我們有了更多發展這項業務的機會，該業務在第三季度占我們銷售額的 30%，現在已成為我們第二大粉絲垂直領域。美國動漫市場依然非常強勁，而我們在歐洲、亞洲和拉丁美洲的擴張僅觸及了冰山一角。

Now, let's talk about creativity.

現在，我們來談談創造力。

The goal is to continue innovating new form factors, expanding our product offering, and obsessing over the details across design, development, and storytelling, so our products feel meaningful for fans. We've built a beloved and truly unique franchise with Pop, and we're working on adding additional dimensions for fans, more excitement, and bringing compelling new products to market. One example already showing traction is Biddy Pop, our mini vinyl figures. Biddy Pop is integral to our evolving strategic partnership with Walmart. Last month, Biddy Pop was officially introduced in their toy aisle. It made Walmart's Top 2025 Toy List and was featured in Walmart's toy book catalog, which went out to over 40 million homes in the U.S. just in time for the upcoming holiday season.

我們的目標是不斷創新產品外形，擴大產品範圍，並專注於設計、開發和故事講述等各個環節的細節，從而使我們的產品對粉絲來說具有意義。我們已經透過 Pop 打造了一個深受喜愛且真正獨一無二的品牌，我們正在努力為粉絲們增加更多維度，帶來更多刺激，並將引人注目的新產品推向市場。Biddy Pop，我們的迷你乙烯基玩偶，已經展現出一定的市場吸引力。Biddy Pop 是我們與沃爾瑪不斷發展的策略夥伴關係中不可或缺的一部分。上個月，Biddy Pop正式在他們的玩具貨架上亮相。它入選了沃爾瑪 2025 年最佳玩具榜單，並在沃爾瑪的玩具目錄冊中亮相，該目錄冊及時送達美國 4000 多萬個家庭，正好趕上即將到來的假日季。

On top of that, an out-of-aisle placement of Biddy Pop is expected to land in 1,800 Walmart stores later this month.

除此之外，Biddy Pop 預計將於本月稍晚在 1800 家沃爾瑪門市以非貨架陳列的方式銷售。

We've built out the Biddy Pop line to include the ability to world-build. We intend to further expand the line to include more licensed and original characters and environments that allow fans to create realistic worlds or use their imagination to create new ones.

我們已經擴展了 Biddy Pop 產品線，使其具備了世界建構功能。我們計劃進一步擴展產品線，納入更多授權和原創角色及場景，讓粉絲們能夠創造逼真的世界，或發揮想像力創造新的世界。

As the blind box format continues to grow in popularity around the world, we're planning to expand our existing blind box offering, Mystery Minis. These collectible figures, which have been on the market for the last 12 years, are smaller than our Pop vinyl and larger than our Biddy Pop figures.

隨著盲盒產品在全球越來越受歡迎，我們計劃擴大現有的盲盒產品系列—Mystery Minis。這些收藏人偶已經上市 12 年了，它們比我們的 Pop 乙烯基人偶小，比我們的 Biddy Pop 人偶大。

We see additional growth potential in the blind box space across new IPs, genres, and fandoms spanning films, series, and social media, and our own original characters. Earlier this week, we initiated a limited launch with several of our specialty retail partners for our new premium blind box collection—an artist-driven product line that gives fans the opportunity to discover bold and imaginative new designs.

我們看到盲盒領域在新IP、新類型、新粉絲群（涵蓋電影、劇集、社交媒體以及我們自己的原創角色）方面具有進一步的成長潛力。本週早些時候，我們與幾家專業零售合作夥伴合作，限量推出了我們全新的高級盲盒系列——一個由藝術家主導的產品系列，讓粉絲有機會發現大膽而富有想像力的新設計。

Beginning with two entries in this category, we intend to expand into new IP over the course of 2026. Our premium blind box line includes a chase variant, and we're looking to add more offerings for both internal and external artists. Now, it's also important to note, we have a diverse product archive of formats going back 25 years, many of which I think can be leveraged in more relevant ways to capture the hearts of today's fans and collectors.

從該類別中的兩個項目開始，我們計劃在 2026 年期間擴展到新的智慧財產權領域。我們的高端盲盒系列包含一款隱藏款，我們正在考慮為內部和外部藝術家增加更多產品。此外，值得注意的是，我們擁有過去 25 年的各種產品格式的豐富產品檔案，我認為其中許多產品可以以更相關的方式加以利用，以贏得當今粉絲和收藏家的喜愛。

Now, let's talk about commerce.

現在，我們來談談商業。

We see a significant opportunity to expand internationally, particularly in Asia and Latin America, enhance our presence with existing retail partners, and deepen our digital and direct-to-consumer capabilities.

我們看到了拓展國際市場，特別是亞洲和拉丁美洲市場的巨大機遇，加強與現有零售合作夥伴的合作，並深化我們的數位化和直接面向消費者的能力。

To start, there's a significant opportunity to grow our international business with a more dedicated focus in Asia and Latin America. This was an area of particular focus for me at Netflix, and there's a clear lane for Funko to excel in these important geographies.

首先，我們有很大的機會透過更專注於亞洲和拉丁美洲市場來發展我們的國際業務。這是我在 Netflix 特別關注的領域，Funko 在這些重要地區顯然有很大的發展空間。

With our D2C business, we intend to simplify the experience on our e-commerce site and app. This includes a more intuitive design, improved functionality around limited edition drops, wish lists, and loyalty programs. Pop Yourself, which just launched in Europe, is a great example of the unique experience only we can offer.

透過我們的D2C業務，我們旨在簡化電子商務網站和應用程式的使用體驗。這包括更直觀的設計，以及圍繞限量版發售、願望清單和會員計劃的改進功能。Pop Yourself 剛剛在歐洲推出，它完美地展現了我們獨特的體驗。

And we're planning to add a new AI-powered builder later this year, which allows the user to upload a picture and recommends options to more quickly build a customized Pop, which we think will be transformative.

我們計劃在今年稍後添加一個新的 AI 驅動的建構器，它允許用戶上傳圖片並推薦選項，以便更快地建立客製化的 Pop，我們認為這將具有變革性意義。

We're also planning new innovative retail experiences, such as selling Biddy Pop products through vending machines with a surprise or mystery element to the purchase experience.

我們還計劃推出新的創新零售體驗，例如透過自動販賣機銷售 Biddy Pop 產品，並在購買體驗中加入驚喜或神秘元素。

In addition to the Pop Yourself kiosk at Inter Miami's new stadium, beginning early next year, we plan to add more Pop Yourself kiosks to support other year-round retail experiences and pop-up activations both in the U.S. and in Europe. We also plan to refresh existing kiosks in our flagship stores with enhanced capabilities, including the AI-powered builder.

除了在邁阿密國際新體育場設立的 Pop Yourself 自助服務亭外，從明年年初開始，我們計劃在美國和歐洲增加更多的 Pop Yourself 自助服務亭，以支持其他全年零售體驗和快閃活動。我們也計劃對旗艦店中現有的自助服務終端進行升級，使其具備更強大的功能，包括人工智慧驅動的建構器。

Now, to summarize, our Make Culture Pop strategy is focused on maximizing opportunities at the intersection of:

總而言之，我們的「讓文化流行起來」策略旨在最大限度地利用以下幾個方面的交匯點：

Culture: being at the centre of the moments everyone is talking about across more fandoms,

文化：成為眾多粉絲群熱議話題的核心。

Creativity: through new products and form factors, and

創造力：透過新產品和外型設計，以及

Commerce: by being more strategic with partners in the U.S. and Europe, Latin America and Asia, and direct-to-consumer.

商業：透過與美國、歐洲、拉丁美洲和亞洲的合作夥伴採取更具策略性的合作，以及直接面向消費者的銷售模式。

Now to be clear, we already have many ongoing initiatives against this plan underway. We're building the right team and capabilities to attack these opportunities in a focused manner and drive growth. That said, I'm only 60 days in, and we have a lot more to come. I'm excited and confident about our team and the opportunity—working with our partners to ignite growth and to sell the next 1 billion Pop products.

需要明確的是，我們目前已經進行了許多反對這項計畫的行動。我們正在組建合適的團隊，提升相關能力，以便專注於抓住這些機遇，推動業務成長。也就是說，我才工作了60天，未來還有很多工作要做。我對我們的團隊和與合作夥伴攜手推動成長、銷售下一個10億件Pop產品的機會感到興奮和充滿信心。

And with that, I'll turn it over to Eve to review our Q3 results.

接下來，我將把時間交給伊芙，讓她來回顧我們第三季的表現。

Thanks, Josh. Hey everyone, thanks for joining us today. For the third quarter, total net sales were $250.9 million, in line with our expectations. Compared with Q3 of last year, approximately $11 million of the decrease in net sales can be attributed to SKU rationalizations, as well as a reduction of clearance sales. As a reminder, we posted supplemental financial information on our website, which includes a net sales as well as a gross margin bridge.

謝謝你，喬希。大家好，感謝各位今天收看我們的節目。第三季總淨銷售額為 2.509 億美元，符合我們的預期。與去年第三季相比，淨銷售額下降約 1,100 萬美元可歸因於 SKU 合理化以及清倉銷售減少。再次提醒，我們在網站上發布了補充財務信息，其中包括淨銷售額和毛利率差額。

Direct-to-consumer sales mix in the quarter was 18% of our gross sales, down from 20% in last year's Q3, due in part to a pullback in marketing spend.

本季直接面向消費者的銷售額佔總銷售額的 18%，低於去年第三季的 20%，部分原因是行銷支出減少。

Gross profit was $100.8 million, equal to a gross margin of 40.2%, which was better than expected. Price increases helped fully offset the impact of increased tariffs.

毛利為 1.008 億美元，毛利率為 40.2%，優於預期。價格上漲完全抵消了關稅上漲的影響。

It's worth noting that, with the exception of our 2025 second quarter, which was significantly impacted by tariffs, we have maintained a gross margin in the 40%+ range since the first quarter of 2024—or in six of the last seven quarters.

值得注意的是，除了 2025 年第二季度受到關稅的嚴重影響外，自 2024 年第一季以來，我們的毛利率一直保持在 40% 以上——或者說，在過去的七個季度中有六個季度都保持了這一水平。

SG&A expenses were $79.8 million compared to $92.7 million last year. Approximately half of the reduction came from a full-quarter benefit of cost reduction actions taken in Q2, and the other half came from a reduction in marketing spend.

銷售、一般及行政費用為7,980萬美元，去年為9,270萬美元。其中約一半的減少來自第二季採取的成本削減措施帶來的整季效益，另一半則來自行銷支出的減少。

Adjusted net income was $3.2 million or $0.06 per diluted share.

調整後淨利為 320 萬美元，即每股攤薄收益 0.06 美元。

And finally, adjusted EBITDA was $24.4 million, which was higher than our expectations.

最後，調整後的 EBITDA 為 2,440 萬美元，高於我們的預期。

Turning to our balance sheet...

接下來來看看我們的資產負債表…

At September 30th, we had cash and cash equivalents of $39.2 million.

截至9月30日，我們擁有現金及現金等價物3,920萬美元。

Net inventory was $99.8 million, and our total debt was approximately $241 million.

淨庫存為 9,980 萬美元，總債務約 2.41 億美元。

Turning now to our outlook, we're pleased with our Q3 results and the progress made against the second-half outlook which we shared last quarter. We now expect for the 2025 fourth quarter net sales to increase modestly from Q3 2025, driven in part by the launch of Pop Yourself in Europe and sales of our K-pop Demon Hunters product lines.

現在談談我們的展望，我們對第三季的業績以及上季公佈的下半年展望所取得的進展感到滿意。我們現在預計 2025 年第四季淨銷售額將比 2025 年第三季略有成長，部分原因是 Pop Yourself 在歐洲的推出以及我們的 K-pop Demon Hunters 產品線的銷售。

Gross margin of approximately 40%, and adjusted EBITDA margin to be in the mid to high single-digits range.

毛利率約 40%，調整後 EBITDA 利潤率將在中高個位數範圍內。

A few comments on our refinancing process:

關於我們的再融資流程，有幾點需要說明：

Our 10-Q filing for the 2025 third quarter includes disclosures about the company's ability to continue as a going concern. As previously announced, we executed an amendment to our existing credit facilities, which mature in September of 2026.

我們在 2025 年第三季提交的 10-Q 文件中揭露了公司持續經營的能力。正如先前宣布的那樣，我們對現有的信貸安排進行了修訂，這些信貸安排將於 2026 年 9 月到期。

The amendment waived financial covenants for Q2 and Q3 and introduced a minimum cash requirement and a series of milestones to demonstrate progress against a refinancing transaction.

該修正案免除了第二季和第三季的財務契約，並引入了最低現金要求和一系列里程碑，以證明在再融資交易方面取得的進展。

We've engaged Mullis and Company LLC to advise the company on our refinancing process, and that process is ongoing.

我們已聘請 Mullis and Company LLC 為公司提供再融資的諮詢服務，該流程正在進行中。

With that, I'll turn it back over to Josh...

這樣，我就把麥克風交還給喬許了…

Thanks, Eve. Compared with where we were two years ago, we've made progress on improving the quality of our business. Our gross margin trend has largely improved. We have a stronger retail footprint. We've fully implemented a price increase, and inventory owned and in the channel is lower and at healthier levels.

謝謝你，伊芙。與兩年前相比，我們在提高業務品質方面取得了進步。我們的毛利率趨勢已大幅改善。我們的零售網路更加強大。我們已經全面實施了提價，渠道內的庫存量更低，處於更健康的水平。

Now, I want to reiterate the sense of urgency and opportunity around our make culture pop strategy, executing across the intersection of culture, creativity, and commerce. In the short-term, I'm looking to maintain the momentum you've discussed. Over the long-term, what's most exciting to me and I hope is equally exciting to our investors are the multiple opportunities to transform the company for substantial growth.

現在，我想重申我們「讓文化流行起來」策略的緊迫性和機遇，該策略需要在文化、創意和商業的交匯點上執行。短期內，我希望保持你剛才提到的這種勢頭。從長遠來看，最令我興奮的，也是我希望同樣令我們的投資者興奮的，是公司有很多機會實現實質成長。

We have a strategic advantage from building this company over the last 27 years, and we intend to leverage that legacy and relationship with our community of fans to take advantage of the huge opportunity in the increasingly global world of entertainment and pop culture fandom.

在過去 27 年裡，我們透過發展這家公司獲得了戰略優勢，我們打算利用這段歷史傳承以及與粉絲群的關係，抓住日益全球化的娛樂和流行文化粉絲群帶來的巨大機會。

I'm incredibly excited about joining Funko. From my perspective, the company has lots of potential on which we've already begun acting.

我非常興奮能加入Funko。在我看來，公司擁有巨大的潛力，我們已經開始採取行動了。

And with that, we'll open the call for questions, operator.

那麼，接下來我們將開始接受提問，接線生。

(Operator Instructions)

（操作說明）

Stephen Laszczyk , Goldman Sachs.

Stephen Laszczyk，高盛集團。

Hey guys, thanks for taking the question. Josh, welcome.

各位，謝謝你們回答這個問題。喬希，歡迎。

Thank you for all those thoughtful highlights on the strategy.

感謝您對策略提出的所有寶貴見解。

I'm curious, as you look out ahead against some of those opportunities that you outlined, how you're thinking about what opportunities exist over the next 12 months to execute against, how investors should be thinking about what you're prioritizing, the sizing of some of those opportunities, perhaps what points of the strategy you feel like you need to get correct here over the next year or so before it unlocks the option value over the longer term to take Funko to the next level, so to speak.

我很好奇，在您展望未來，並考慮您概述的一些機會時，您是如何思考未來 12 個月內有哪些機會可以把握的？投資者應該如何看待您的優先事項？這些機會的規模如何？或許您認為在未來一年左右的時間裡，您需要在策略的哪些方面做到正確，才能在長期內釋放期權價值，將 Funko 推向新的高度？

Anything—any top priorities—that come to mind, I think would be helpful for us to understand. And I have a follow-up.

任何我想到的事情——任何首要任務——我認為都有助於我們理解。我還有一個後續問題。

Thank you.

謝謝。

Great. Thanks, Stephen. Appreciate the question.

偉大的。謝謝你，史蒂芬。感謝您的提問。

I mean, look, I'd say in the short term, our focus is on continuing the performance momentum that we've been talking about, and then over the long term, obviously transforming for more growth. I do really think it comes down to—and I'll give you some specifics around the Make Culture Pop strategy.

我的意思是，短期內，我們的重點是保持我們一直在談論的業績成長動能；而從長遠來看，顯然要進行轉型以實現更大的成長。我真的認為這歸根結底在於…我會具體談談「讓文化流行」的策略。

In the short term, in the area of culture, I think there are really some areas of fandom where we can continue to expand. Obviously, we've been doing a lot in the areas of sports and music. But there are opportunities to move quicker in those areas. As an example, we just recently were able to launch the Dodgers Championship 5-Pack. There are some really great details to it—it even includes them wearing their alternate road uniforms.

短期來看，在文化領域，我認為粉絲群中確實有一些領域我們可以繼續拓展。顯然，我們在體育和音樂領域做了很多工作。但在這些領域，我們有機會加快腳步。例如，我們最近推出了道奇隊冠軍五件套。這部影片有很多非常棒的細節——甚至包括他們穿著客場球衣的造型。

So really, how we think about operationalizing quick strike, end-to-end capabilities—sensing trends, designing and manufacturing more quickly, and getting it to consumers in new ways—is a really important part of the cultural impact that we're looking to drive. And obviously, we'd share more details about that in the future.

所以，我們如何思考如何將快速行動、端到端能力——感知趨勢、更快地設計和製造，並以新的方式將其交付給消費者——是我們希望推動的文化影響中非常重要的一部分。當然，未來我們會分享更多相關細節。

On the creativity side, we're really focusing on how we bring more dimensions to our core franchise, which is Pop. Biddy is a really great example of that. Obviously, we mentioned how it's rolling out into Walmart now. I'm spending a lot of time engaging more broadly with the creative community, bringing people internally to help think about new evolutions of products that we can launch, leveraging my relationships across the entertainment industry and the product space, thinking about how we can more closely collaborate with talent.

在創意方面，我們真正關注的是如何為我們的核心品牌 Pop 帶來更多維度。Biddy 就是一個很好的例子。顯然，我們已經提到它現在正在沃爾瑪推廣。我花了很多時間與更廣泛的創意社群互動，讓公司內部人員參與思考我們可以推出的新產品的演變，利用我在娛樂產業和產品領域的人脈關係，思考我們如何與人才更緊密地合作。

Those are all immediate things that we can do to continue to evolve our form factors and creative product strategy.

這些都是我們可以立即採取的措施，以不斷改進我們的產品形態和創新產品策略。

And then on the commerce side, I've been able to engage in some really great strategic meetings with some of our biggest retailers over the last couple of months. International is a huge component of that. And so I think, particularly based on preexisting relationships I have there, we'll look to come back next quarter and talk in a little bit more specifics about some goals that we're immediately looking to get after with retail partners in Asia and Latin America.

在商業方面，在過去幾個月裡，我與一些最大的零售商進行了非常棒的策略會議。國際化是其中非常重要的一環。因此，我認為，特別是基於我之前與亞洲和拉丁美洲零售合作夥伴建立的關係，我們將在下個季度再次回到那裡，更具體地討論我們目前希望與亞洲和拉丁美洲的零售合作夥伴共同實現的一些目標。

And look, I should also note—because I think this is an important point to highlight on the commerce side as well—we were able to execute some really great extensions of our licensing deals with all the biggest studios in the last few months. And so I think that puts us on really firm footing to take everything that we talked about as part of our Make Culture Pop strategy and drive growth through those relationships as well.

而且，我還應該指出——因為我認為這在商業方面也是一個需要強調的重要一點——在過去的幾個月裡，我們與所有最大的工作室都成功地延長了一些授權協議。所以我認為這讓我們有非常堅實的基礎，可以把我們討論的所有內容都納入我們的「讓文化流行」策略，並透過這些關係推動成長。

That's great, thanks. It's really helpful. And then if I could just ask a question, maybe more in the near term—in the quarter and the broader retail environment—maybe for both Josh and Eve on Q4, just as you have conversations with retailers heading into this holiday season.

太好了，謝謝。這真的很有幫助。然後，如果我可以問一個問題，也許更近期一些——比如本季度和更廣泛的零售環境——比如第四季度，就像你們在假期季節與零售商交談一樣，Josh 和 Eve 都可能面臨這種情況。

Anything you'd point out in terms of the cadence of stocking, how they're approaching restocking this year, how they're particularly engaging with Funko as a brand and as a partner this holiday season that differs from perhaps what you've seen in historic years? Or perhaps where the levers are as we get deeper into the holiday—on where restocking could come from, upside/downside in the model, etc.

您在補貨節奏、今年的補貨方式、以及今年假期季節他們與 Funko 品牌和合作夥伴的互動方式等方面，有什麼需要指出的地方嗎？這些方面與您往年看到的可能有所不同？或者，隨著假期深入，我們或許應該關注以下幾個方面——補貨的來源、這種模式的優勢/劣勢等等。

Hey, Stephen, this is Eve. I'll start by saying that I think we're kind of encouraged by our POS trend, which has remained relatively strong and stable. In Q3, our global POS in units was down only 3% year over year.

嗨，史蒂芬，我是伊芙。首先我想說的是，我認為我們的POS發展趨勢令人鼓舞，它一直保持著相對強勁和穩定。第三季度，我們的全球 POS 銷量年減 3%。

Now, we are continuing to see a pretty big difference in the various territories that we operate in. The U.S. was more like down mid to high single digits in units, and then EMEA was up in low double digits. So, we continue to see consumer demand for our products.

現在，我們在各個營運地區之間持續看到相當大的差異。美國銷量降幅約為個位數中高段，而歐洲、中東和非洲地區銷量則實現了兩位數低段的成長。因此，我們持續看到消費者對我們產品的需求。

That being said, obviously the tariff announcements earlier this year pretty significantly disrupted, in Q2, the shipping of our orders out of Asia. And in Q3, I'd say we continued to have a bit of a hangover effect from that. What you have to keep in mind is that retailers were placing their buys for Q3 and early Q4 shipments during what I call kind of peak uncertainty—about what the tariff rates were going to be, how the consumer was going to hold up through the holiday period—and that was in part why our sell-in was down over last year in Q3.

也就是說，今年稍早的關稅公告顯然嚴重擾亂了我們第二季從亞洲出貨的訂單。到了第三季度，我認為我們仍然受到之前那種影響的持續作用。你需要記住的是，零售商在第三季度和第四季度初的出貨採購正值我所說的「不確定性高峰期」——關於關稅稅率會是多少，消費者在假期期間的消費能力如何——這在一定程度上解釋了為什麼我們第三季度的銷售額比去年同期有所下降。

I would say as we head into the holiday period, it's a bit of a mix depending on the channel and the retailer, but I would say that we continue to have good momentum in Europe.

我認為，隨著假期臨近，不同通路和零售商的情況會有所不同，但我們在歐洲仍然保持著良好的發展勢頭。

In the U.S., a little bit more cautiousness, I think, from buyers. We do see a little bit more strength and momentum in the mass channel, and Josh mentioned the growth in Biddy Pop sales there, so we're encouraged by that. It feels like for the smaller specialty, mom-and-pop distributors—maybe a little bit of speculation here—but it feels like they might be more financially impacted by the tariffs or just generally more cautious about overcommitting to inventory.

我認為，美國的買家會更謹慎一些。我們確實看到大眾通路的實力和勢頭有所增強，Josh 也提到了 Biddy Pop 在那裡的銷售成長，這讓我們感到鼓舞。感覺對於規模較小的專業夫妻店分銷商來說——這可能有點推測——但感覺他們可能會受到關稅的更大經濟影響，或者只是在庫存方面更加謹慎。

Yeah, and what I would continue with is, the content slate is pretty big for us in Q4. The final season of Stranger Things will launch, and that's a big priority for some of our biggest retail partners as well as us. Obviously, the sequel—or part two—of Wicked will also be in the market, and we have products there.

是的，我還要繼續說的是，我們第四季的內容計畫非常龐大。《怪奇物語》最終季即將播出，這對我們以及我們的一些最大的零售合作夥伴來說都是一件非常重要的事情。顯然，《魔法壞女巫》的續集或第二部也會上市，我們也有相關產品。

And then, I think most importantly, just as a reminder, we really will have a lot of unique shelf space through our K-pop Demon Hunters assortment across both Funko and Lounge fly. So I think there's some good content slate strength and shared priorities with our retail partners on that front.

然後，我認為最重要的是，提醒大家，我們的 K-pop Demon Hunters 系列產品將在 Funko 和 Lounge fly 上佔據大量獨特的貨架空間。所以我認為，在這方面，我們擁有強大的內容陣容，並且與我們的零售合作夥伴有著共同的優先事項。

Very helpful. Thank you both.

很有幫助。謝謝你們兩位。

Keegan Cox , DA Davidson.

Keegan Cox，DA Davidson。

Hi guys, I just wanted to ask a little bit as you open up this creativity and commerce. I know you talked a little bit about the vending machines and kiosks. I was just wondering, how do you look at that market? It seems pretty competitive. I've seen a few of your competitors moving in there—just in my mall visits and retail visits. So just curious how you see that market and how you plan to attack it.

大家好，我想問一下，在你們開放創意和商業領域的時候，有什麼需要注意的地方。我知道你剛才稍微談到了自動販賣機和自助服務亭。我只是想知道，您如何看待那個市場？競爭似乎相當激烈。我只是在逛商場和零售店的時候就看到你們的一些競爭對手搬進了那裡。所以，我很好奇您如何看待這個市場，以及您打算如何開拓這個市場。

Yeah, well, look, I think for us the primary driver and excitement is around the Pop Yourself experience, which is pretty unique to us. The ability for a fan to go and create a customized Funko Pop—of themselves or a friend as a gift—is something that I think we are uniquely able to offer.

是的，嗯，你看，我認為對我們來說，主要的驅動力和興奮點在於「Pop Yourself」體驗，這對我們來說是相當獨特的。粉絲可以自訂自己或朋友的 Funko Pop 玩偶作為禮物，我認為這是我們獨有的優勢。

And so when we talk about the kiosk strategy, we have examples of those kiosks that currently exist in a couple of locations, primarily in our flagship stores. But we've already been deep into conversations with some of our bigger retail partners about how we can start to create experiences within their real estate footprint and bring that experience to more of our fans around the country and around the world.

因此，當我們談到自助服務終端策略時，我們有一些自助服務終端的例子，這些終端目前存在於幾個地方，主要是在我們的旗艦店中。但我們已經與一些大型零售合作夥伴進行了深入的對話，探討如何在他們的零售空間中創造體驗，並將這種體驗帶給全國乃至全世界更多的粉絲。

So I think we offer a pretty unique angle there.

所以我覺得我們在這方面提供了一個相當獨特的視角。

Got it. And then, as I was just looking at the results—Europe sales down slightly versus an easier comparison last year—I know you're launching Pop Yourself in the fourth quarter, but what are you seeing outside of that in Europe?

知道了。然後，當我查看結果時——歐洲銷售額與去年相比略有下降——我知道你們將在第四季度推出 Pop Yourself，但除此之外，你們在歐洲看到了什麼？

Well, like I mentioned previously, our POS trend is pretty strong in Europe. I would say one of the factors that's not super material—but we did have a little bit of production delays that impacted our European sales in the quarter—just some orders that couldn't make it out of the factory in time.

正如我之前提到的，我們的POS機在歐洲發展勢頭非常強勁。我想說，其中一個因素雖然不是特別重要——但我們確實遇到了一些生產延誤，影響了本季的歐洲銷售——只是有些訂單無法及時從工廠發出。

As a reminder, we moved pretty aggressively to shift production from China to Vietnam, and so that was a bit of a result of that. But we expect those orders to ship in Q4, and then along with the launch of Pop Yourself in Europe, which happened a few weeks ago, we expect Europe to be back to growth in the fourth quarter.

需要提醒的是，我們採取了相當積極的措施將生產從中國轉移到越南，所以這在某種程度上也是由此造成的。但我們預計這些訂單將在第四季度發貨，然後隨著幾週前 Pop Yourself 在歐洲的推出，我們預計歐洲將在第四季度恢復成長。

Got it. And one more if I can—just on pricing. I know you were able to essentially offset all of the tariff costs, but are you seeing that impact demand? I mean, the POS for the U.S. essentially looks weak, so I'm wondering how pricing played into that.

知道了。如果可以的話，我再補充一點關於價格的問題。我知道你們基本上抵消了所有的關稅成本，但是你們是否看到這對需求產生了影響？我的意思是，美國的POS系統看起來基本上很弱，所以我想知道定價在其中扮演了什麼角色。

Well, we've actually been pleasantly surprised by that. We rolled out the price increases—they were in effect on the shelf in early July. I mean, we did anticipate that there would be slightly lower unit volumes. It's hard to attribute that directly to the price increase and not to the other kinds of factors going on in the U.S. market. But generally, it's been in line with our expectations.

嗯，這確實讓我們感到驚喜。我們已經推出了漲價措施──7月初，貨架上的商品價格就已經上漲。我的意思是，我們確實預料到銷量會略有下降。很難將此直接歸因於價格上漲，而不是美國市場正在發生的其他因素。但總體而言，這符合我們的預期。

I mentioned the POS trend, so the unit sales have held up pretty well. And then, the price increases are fully in effect, so it's gone pretty well for us.

我之前提到POS機的銷售趨勢，所以銷售量方面表現相當不錯。現在，價格上漲已經全面生效，所以對我們來說情況還不錯。

Thank you.

謝謝。

There are no further questions at this time. I will now turn the call back to management for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給管理階層，請他們作總結發言。

Thanks everyone for joining us on the call today. We look forward to sharing our progress on our next call.

感謝各位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。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。