Funko, Inc. (FNKO) 2025 Q4 法說會逐字稿

Hi, everyone, and welcome to Funko's 2025 fourth-quarter financial results conference call. I'm Katie Wilson, and I'm here at the Funko store in Hollywood.

大家好，歡迎參加 Funko 2025 年第四季財務業績電話會議。我是 Katie Wilson，我現在人在好萊塢的 Funko 門市。

With me are Josh Simon, our Chief Executive Officer; and Yves Le Pendeven, our Chief Financial Officer. Welcome, guys.

與我一同出席的有我們的執行長 Josh Simon，以及財務長 Yves Le Pendeven。歡迎兩位。

Hello.

大家好。

Josh, I have heard this is one of your favorite places in Los Angeles.

Josh，我聽說這裡是你在洛杉磯最喜歡的地方之一。

It is, yeah. I've been on the job for about six months now. I think I've spent the majority of my time in the store. I even -- they actually gave me a key to the store earlier this week, so I can come and go even after hours. But what I love about being here is it really embodies the strength and how much fun the Funko brand is.

是的，沒錯。我上任大概六個月了。我想我大部分時間都待在店裡。我甚至——他們其實在這週稍早給了我店裡的鑰匙，所以即使下班後我也能自由進出。但我喜歡在這裡的原因是，這裡真的體現了 Funko 品牌的強大，以及它有多好玩。

You kind of see around us here from an IP standpoint, KPop Demon Hunters, Mickey Mouse, Michael Jordan in the background, come here over the weekends. And there's people from all over the world, all ages, all demographics, and it's really fun watching them kind of discover their favorite fandom IP. And so we thought it would be a fun new way to do the earnings call from here today.

你看看我們周遭，從 IP 的角度，有 KPop Demon Hunters、米奇老鼠，後面還有麥可·喬丹，週末來這裡走走。你會看到來自世界各地、各種年齡層、各種族群的人，看到他們去發現自己最喜愛的粉絲文化 IP，真的很有趣。所以我們想，今天從這裡來進行財報電話會議，會是一種有趣的新方式。

So how have your first six months been?

那你上任的前六個月過得如何？

Well, see, we're just getting back from the Toy Fair circuit. So London Toy Fair, Nuremberg, New York Toy Fair. I've been going to these toy fairs for a while in various capacities. And I can say, definitely, I felt more energy around the Funko brand than I have in a bit. It was really fun to meet with our licensors and retailers.

我們剛從玩具展巡迴回來。包括倫敦玩具展、紐倫堡玩具展、紐約玩具展。我以不同身分參加這些玩具展已經有一段時間了。我可以說，確實，我感受到 Funko 品牌的能量比過去一段時間都更強。能和我們的授權方與零售商見面，真的很開心。

In Q4, we also had a great presence at New York Comic Con, so I had a great chance to meet with a lot of our fans and YouTubers. And so the energy was great.

在第四季，我們也在紐約動漫展（New York Comic Con）有很棒的曝光，所以我有很好的機會和許多粉絲與 YouTuber 見面。整體氛圍非常熱烈。

And we're seeing that energy translate into momentum on the business side. In Q4, our net sales were better than expected. Profitability at the higher end. And I know Yves will dive into that detail here in a little bit.

而且我們看到這股能量正在轉化為業務面的動能。第四季，我們的淨銷售額優於預期。獲利能力也落在較高端。我知道 Yves 稍後會深入說明細節。

And I'm guessing some of that was driven by the Sky Derpy right behind me.

我猜其中一部分是由我身後的 Sky Derpy 所帶動的。

One of my favorites, near and dear to my heart, obviously, KPop Demon Hunters. And look, what's great about that one is, I think it really demonstrates one of our superpowers, which is how quickly we're able to move in creating these really great collectibles. I think it was about four months from ideation and design to getting in into fans and consumers' hands in Q4.

那是我最喜歡的之一，對我來說特別有感，當然就是 KPop Demon Hunters。你看，這個產品很棒的一點是，我覺得它真正展現了我們的一項超能力：我們能以多快的速度打造出這些非常棒的收藏品。我想從發想到設計，再到在第四季交到粉絲與消費者手上，大概只花了四個月。

We also won the viral hit of the year award from Toy Buck, which is a really coveted awards program. So that was great. There were plenty of other really fun ways that we came to life in Q4 as well.

我們也從 Toy Buck 拿下年度病毒式爆紅產品獎，這是一個非常受重視的獎項計畫。所以那很棒。第四季我們還有很多其他很有趣的亮點。

It was the final season of Stranger Things sadly, but the Duffers were on the Tonight Show with Jimmy Fallon and they actually reenacted the season and the series finale using only Funko Pop. So that was really fun to see.

《怪奇物語》很可惜迎來最終季，但 Duffer 兄弟上了 Jimmy Fallon 的《今夜秀》，他們竟然只用 Funko Pop 來重演整季以及影集大結局。看到那個真的很有趣。

We launched Pop! Yourself in Europe, which is the experience where you can create a custom Funko Pop of you or a loved one. And we rolled out Bitty Pop into Walmart. Bitty Pop is this great example of how we're able to continue to add dimensions to the iconic Funko Pop silhouette. It rolled out in all Walmart doors in Q4. It was incremental placement in the toy aisle. It was incremental placement at impulse and out of aisle and it really helped to drive some strong sales in Q4 as well.

我們在歐洲推出了 Pop!Yourself，這是一個你可以為自己或摯愛打造客製化 Funko Pop 的體驗。我們也把 Bitty Pop 推進 Walmart。Bitty Pop 是一個很好的例子，展現我們如何持續為經典的 Funko Pop 輪廓增加更多維度。第四季它在所有 Walmart 門市全面上架。在玩具走道增加了額外陳列。也在結帳衝動購買區與走道外增加了額外陳列，並且確實也帶動了第四季的強勁銷售。

So during the last earnings call, you talked about the Make Culture POP! strategy. I believe you mentioned culture, creativity, and commerce. How is that going so far?

在上一通財報電話會議中，你談到 Make Culture POP!策略。我記得你提到文化、創意與商業。目前進展如何？

Well, if you remember those -- the three Cs that so far, so good. It's going great. Look, our -- the idea is that how do we participate in all of those moments that are shaping culture. Really, the goal is to become the preeminent brand for turning pop culture into collectibles, and also turning those collectibles we create into culture and cultural moments.

如果你還記得那——三個 C，到目前為止一切都很順利。進展非常好。你看，我們的想法是：我們要如何參與那些正在形塑文化的每一個時刻。真正的目標，是成為把流行文化轉化為收藏品的首選品牌，同時也把我們創造的收藏品再轉化為文化與文化時刻。

So let's start with culture. I've said it a few times here. But really, that means just being at the center of the moments that fans are talking about, like while it's actually happening. KPop Demon Hunters is a great example of that. But we do it pretty broadly. We have great relationships with licensors all over the world, and pretty much a portfolio of about 900 actively managed licenses at the moment. But in addition to that, there's still a ton of white space that we could get after.

那先從文化談起。我在這裡已經說過幾次了。但其實那代表的是：在粉絲正在熱議的時刻——就在事情發生的當下——我們要站在中心位置。KPop Demon Hunters 就是一個很好的例子。但我們做得相當廣泛。我們與全球各地的授權方都有很好的關係，目前大約有 900 個正在積極管理的授權組合。不過除此之外，仍然有大量的空白領域值得我們去開拓。

Sports is one that's a little bit more nascent for us, but we launched a really great new partnership with Topps and Fanatics, we're part of the new MLB Super pack with trading cards and blind Bitty Pop! products that rolled out in Walmart, Target, GameStop, sporting goods stores like DICK'S.

運動領域對我們來說還比較新，但我們與 Topps 和 Fanatics 推出了非常棒的新合作，我們也成為全新的 MLB Super pack 的一部分，裡面包含集換式卡片與盲盒 Bitty Pop!產品，並已在 Walmart、Target、GameStop，以及像 DICK'S 這類運動用品店上架。

So just sort of one example in sports. But even in these massive fandoms, I think there's plenty more opportunity for us.

這只是運動領域的一個例子。但即使是在這些龐大的粉絲圈中，我認為我們仍有更多機會。

And speaking of sports, by the way, did I see Funko in a Super Bowl commercial?

順帶一提，說到運動，我是不是在超級盃廣告裡看到 Funko 了？

You did. You did. It was surprising for all of us. I mean, I sat down with my family to watch the Super Bowl. And in one of those first commercial breaks like -- on comes is really great spot from the NFL that's sort of celebrating the intergenerational level of football and like in an opening frame in a young kids' bedroom there's a shelf filled with NFL, Funko Pops. So that was really great to see.

你看到了。你看到了。那對我們所有人來說都很意外。我的意思是，我和家人坐下來看超級盃。在一開始的某段廣告時段——播出了一支 NFL 很棒的廣告，算是在慶祝美式足球跨世代的傳承；而在開場畫面裡，一個小孩的臥室中有一個架子，上面擺滿了 NFL 的 Funko Pop。所以看到那個真的很棒。

In that sports space, though, I mentioned there's continues to be more opportunities in Miami, Inter Miami, the football or soccer club there, if you're here in the US is opening up a brand-new stadium Miami Freedom Park in a couple of weeks on April 2. We have a presence in their flagship store. It's a Funko and Loungefly shop-in-shop with exclusive products and also a really great, unique Pop! Yourself experience that you could only do there in the stadium.

不過在運動領域，我提到我們在邁阿密還有持續更多機會。Inter Miami，也就是那裡的美式足球——或如果你在美國的話稱作足球（soccer）——俱樂部，將在幾週後的 4 月 2 日啟用全新的球場 Miami Freedom Park。我們會在他們的旗艦店設點。那是一個 Funko 與 Loungefly 的店中店，提供獨家商品，還有一個非常棒、獨特的 Pop!Yourself 體驗，只有在球場內才能做。

And in addition to these sports moments, Q4 was also really great from an entertainment perspective. We had Zootopia 2 from Disney, which was a great movie and a massive hit. Wicked: For Good and Evil also a great film for us. And other areas that we're expanding into as well, I think the -- I'm sure Yves is a huge fan of this, but the world of romantasy and BookTok, if I'm not mistaken. We just -- we dropped a little teaser video for The Cruel Prince, which is a really popular book on TikTok, it generated like 1 million views within a couple of days. And so that's an area you'll see us expanding into more.

除了這些運動時刻之外，第四季在娛樂面也非常亮眼。我們有迪士尼的《動物方城市 2》（Zootopia 2），那是一部很棒的電影，也是超級大熱門。《魔法壞女巫：善與惡》（Wicked: For Good and Evil）對我們來說也是一部很棒的電影。另外我們也在擴展到其他領域，我想——我確定 Yves 會是這個的超級粉絲——像是浪漫奇幻（romantasy）與 BookTok 的世界，如果我沒記錯的話。我們剛釋出《The Cruel Prince》的一支小預告影片，這本書在 TikTok 上非常受歡迎，短短幾天內就帶來大約 100 萬次觀看。所以這會是你接下來會看到我們持續擴展的領域。

Obviously, anime has been huge for us. There are big titles that everyone has heard of like One Piece, which we continue to do well in. And then newer titles like Dan Da Dan, which was a top seller for us at Walmart in Q4 and continued growth in video games as well, a great franchise, Mouse: P.I. that was also strong for us in Q4.

顯然，動漫對我們來說一直非常重要。有一些大家都聽過的大作，例如《航海王》（One Piece），我們在這個品類上持續表現良好。另外還有較新的作品，例如《Dan Da Dan》，它在第四季於沃爾瑪是我們的暢銷品之一；同時我們在電玩領域也持續成長，像是很棒的系列《Mouse: P.I.》，在第四季對我們也同樣表現強勁。

And how are you participating in those surprise moments that pop up?

那你們是如何參與那些突然冒出的驚喜時刻的？

I mean, a lot of it is through speed, as I mentioned earlier, related to KPop Demon Hunters, but we have a new program called [hyper strike]. The idea behind that is like how can we design, manufacture and get products and collectibles into our fans' hands in a matter of days or weeks. So we'll be rolling that out in a more commercial way later this year, but we started experimenting with it in Q4. We were doing a lot of like one-of-one characters for celebrities and friends of Funko.

我的意思是，其中很大一部分在於速度，就像我先前提到與 KPop Demon Hunters 相關的那樣；但我們有一個名為[hyper strike] 的新計畫。這個計畫背後的想法是：我們如何能在短短幾天或幾週內，完成設計、製造，並把產品與收藏品交到粉絲手上。因此我們會在今年稍晚以更商業化的方式推出，但我們在第四季就已開始試驗。我們做了很多像是為名人以及 Funko 的朋友打造的獨一無二角色。

One thing we try to kind of experiment with is like the insane world of the sort of like online videos, user-generated content, meme culture that come up. So there's a great guy named Jason Gyamfi. He's known as the quarter zip guy. It was one of these like crazy viral trends in Q4. We decided, let's make a video of Jason and his matcha and send it to him as a gift, and his reaction was great.

我們嘗試實驗的一件事，是那種瘋狂的線上影片世界——使用者生成內容、迷因文化等突然冒出的趨勢。有一位很棒的人叫 Jason Gyamfi。他被稱為「quarter zip guy」。這是第四季其中一個非常瘋傳的趨勢。我們決定：來拍一支 Jason 和他的抹茶的影片，當作禮物送給他，而他的反應非常棒。

I think we have a little clip of it to show.

我想我們有一小段片段可以播放。

(video playing)

(播放影片)

Yeah, and it's really exciting because this is a new type of product we're offering.

是的，這真的很令人興奮，因為這是我們正在提供的一種新型產品。

It is. And one example of a new type of product we're offering because that second C creativity is really about how we take these pop culture moments and then translate them into physical form in some way.

沒錯。而這就是我們提供的新型產品的一個例子，因為第二個 C——創意（creativity）——真正關乎的是：我們如何把這些流行文化時刻，以某種方式轉化成實體形式。

So obviously, Bitty Pop, I talked a little bit about as a new example of a product that's been around for a couple of years, and we're really seeing some strong growth there. It capitalizes on what people love about Funko Pop. We've sold 1 billion units of Pops over the years. It's just really iconic silhouette. And so there's more dimensions of Pop and some net new products that we're working on to drive additional growth.

所以很明顯，Bitty Pop——我先前稍微提到過——作為一個推出了幾年的新產品例子，我們確實看到那裡有相當強勁的成長。它抓住了人們喜愛 Funko Pop 的核心。多年來我們已售出 10 億個 Pop。那就是非常具代表性的輪廓。因此，我們正在開發更多 Pop 的不同維度，以及一些全新的產品，以帶動額外成長。

The thing that's great about that iconic silhouette is starting to think about how we can reach fans and tell stories in new ways. And so we recently announced a partnership with an incredible production company called Rideback, really great storytellers. I think they're experts at creating worlds from products. They produce the LEGO movies, they produce the live action Lilo & Stitch, really, really excited to work with them.

那個具代表性的輪廓最棒之處在於，它讓我們開始思考如何以新的方式觸及粉絲並講述故事。因此我們最近宣布與一家非常出色的製作公司 Rideback 合作，他們是很棒的說故事者。我認為他們擅長從產品打造世界觀。他們製作了《樂高電影》，也製作了真人版《星際寶貝：史迪奇》（Lilo & Stitch），我們非常、非常期待與他們合作。

We're developing some new ideas with them from big feature and animated series ideas in addition to a really interesting, unique AI-based animation toolkit they have called Spurry that will allow us to create some content much faster and bring new and iconic forms of storytelling to Funko fans everywhere.

我們正與他們共同開發一些新點子，涵蓋大型電影與動畫影集的構想；此外，他們還有一個非常有趣、獨特、以 AI 為基礎的動畫工具包，名為 Spurry，將使我們能更快製作內容，並把新的、具代表性的敘事形式帶給世界各地的 Funko 粉絲。

You also mentioned commerce as a part of Make Culture POP!. I have a guess that this store is a part of that. Are you expanding how you think about commerce? And is that happening around the world?

你也提到商業（commerce）是 Make Culture POP! 的一部分。我猜這家店就是其中一部分。你們是否正在擴展對商業的思考方式？而且這是否正在全球發生？

Yeah. We really have fans all over the world, and we want to make sure that we're showing up wherever our fans shop. As we like to say, turning shelves into stages. This store is obviously a best expression of how we're able to do that.

是的。我們在全球各地都有粉絲，我們希望確保在粉絲購物的任何地方都能出現。用我們常說的話，就是把貨架變成舞台。這家店顯然是我們如何做到這一點的最佳呈現。

But there's a ton of other opportunity in the US from a retail standpoint and outside of the US. Europe, which has been our primary driver outside of the US for a number of years now is really strong. At the end of the year, we were actually the second-largest collectible brand by market share right after Pokémon, which is great.

但從零售角度來看，美國還有大量其他機會，且美國以外也同樣如此。歐洲多年來一直是我們在美國以外的主要成長動能，表現非常強勁。在年底時，我們按市占率計其實是第二大收藏品品牌，僅次於寶可夢（Pokémon），這很棒。

From January '25 to January '26, our sales were up 20% in the EU. That was basically about double the market growth there according to Circana retail tracker. And similar to what we've been able to sort of grow in Europe, the next idea is how do we do that in Latin America and Asia.

從 2025 年 1 月到 2026 年 1 月，我們在歐盟的銷售成長了 20%。根據 Circana 零售追蹤數據，這基本上約為當地市場成長的兩倍。而且類似於我們在歐洲所能達成的成長，下一個想法是：我們如何在拉丁美洲與亞洲做到同樣的事。

So as part of that, we just created a new role for a guy named Andy Oddie, who is our long-time Chief Commercial Officer. He has 40 years of really great experience in the toy and collectible space, building businesses. He's our new Chief International Officer. He's going to be focused on growth in Asia and Latin America. And I think his dedicated focus is really going to help us to get traction there.

因此作為其中一部分，我們剛為一位名叫 Andy Oddie 的同仁設立了一個新職位；他長期擔任我們的首席商務長（Chief Commercial Officer）。他在玩具與收藏品領域擁有 40 年非常豐富的經驗，擅長打造事業。他現在是我們的新任首席國際長（Chief International Officer）。他將專注於亞洲與拉丁美洲的成長。我認為他專注投入，確實會幫助我們在那裡取得進展。

And the opportunity is big for two reasons. I mean you think of China, Japan, Korea. China and Japan are the second and third largest toy markets outside of the US, so there's a lot of incremental business growth we know we can get in those countries.

而這個機會之所以很大，有兩個原因。你想想中國、日本、韓國。中國和日本是美國以外第二與第三大的玩具市場，因此我們知道在那些國家可以取得大量的增量業務成長。

But the other great thing is like so many cultural trends now globally are being influenced by Asia. So obviously, anime has always been a really big fandom for us, largely coming from Japan. We've seen a huge growth in all things, K-culture, Korean beauty, K-pop, Korean food. So I think our business opportunity to grow there is strong and then the cultural influence that I think will provide a halo of growth all over the world as we develop more relationships with licensors and creators in that region, I think, will also be pretty massive for us.

但另一個很棒的點是：現在全球許多文化趨勢都受到亞洲影響。所以很明顯，動漫一直是我們非常大的粉絲圈，主要來自日本。我們也看到所有與 K 文化相關的事物大幅成長：韓國美妝、K-pop、韓國料理。因此我認為我們在那裡的業務成長機會很強；而且隨著我們在該地區與授權方及創作者建立更多關係，我認為那種文化影響力也會在全球帶來一圈「光環式」的成長，對我們而言也會相當巨大。

Turning to you, Yves, could you say a little bit more about the financial results?

回到你這邊，Yves，你能否再多談一些財務結果？

Sure, happy to. This is an earnings call after all. So let's get to the numbers.

當然，很樂意。畢竟這是一場財報電話會議。那我們就來看數字。

So for the fourth quarter, our net sales were $273 million. We were pleased to finish the year on a high note. We had guided to Q4 being up modestly over Q3. We were actually up 9%, so better than we expected. And by the way, there's more details, including these slides are posted on our IR website.

第四季的淨銷售額為 2.73 億美元。我們很高興以強勁表現為全年畫下句點。我們先前指引第四季將較第三季小幅成長。實際上我們成長了 9%，優於預期。順帶一提，更多細節都在簡報中，且這些投影片已發布在我們的投資人關係（IR）網站上。

For gross margin, we were at 41%, and that was, again, slightly higher than guidance. And by the way, with the exception of the second quarter in 2025, we've now been above 40% for the last -- seven of the last eight quarters. So really pleased with that trend.

毛利率方面，我們為 41%，同樣略高於指引。另外，除了 2025 年第二季之外，我們現在在過去八個季度中有七個季度毛利率都高於 40%。因此我們對這個趨勢非常滿意。

Our SG&A expenses were $91 million and that was down 12% from Q4 of last year. And finally, adjusted EBITDA was $23 million, which again, was at the high end of our expectations.

我們的 SG&A 費用為 9,100 萬美元，較去年第四季下降 12%。最後，調整後 EBITDA 為 2,300 萬美元，同樣落在我們預期的高端。

How is the financial outlook for 2026?

2026 年的財務展望如何？

So for 2026, we expect net sales to be up modestly year over year, but a substantial improvement in profitability. So specifically, we're guiding to net sales being flat to up 3% compared with 2025 and our adjusted EBITDA between $70 million and $80 million.

就 2026 年而言，我們預期淨銷售額將較去年小幅成長，但獲利能力將大幅改善。具體來說，我們的指引為：相較 2025 年，淨銷售額持平至成長 3%，調整後 EBITDA 介於 7,000 萬至 8,000 萬美元。

So let me give you a little bit more color on that. For sales, we expect our Funko core product lines to be up high-single digits year over year, but that's offset by Loungefly, down double digits, and that's primarily due to the SKU cuts that we implemented last year.

我再補充一些細節。在銷售方面，我們預期 Funko 核心產品線年增高個位數，但會被 Loungefly 的雙位數下滑所抵銷，而這主要是因為我們去年實施了 SKU 精簡。

And one thing that I'll jump in and add about Loungefly is that we are really excited about what the growth potential for that business could be. I think there's a really unique way to own this space of wearable storytelling as we like to call it. We know there's a really passionate fan base there for the product.

另外我想補充一點關於 Loungefly：我們對這項業務的成長潛力感到非常興奮。我們認為在我們所稱的「可穿戴式敘事」領域，有一種非常獨特的方式可以佔據這個市場。我們知道這個產品擁有非常熱情的粉絲基礎。

So as a result of that, we just put in place our first-ever GM for the Loungefly business, Jessica Kong. She's a lot of really great experience across lifestyle brands and experiential we think she'll be really great for the business. She's about a month in. We're already pretty far along in building the strategy and plans to get that brand and business back to growth, and we'll share more details about that in the next quarter.

因此，我們剛為 Loungefly 業務任命了史上第一位總經理（GM）Jessica Kong。她在生活風格品牌與體驗式領域擁有非常豐富的經驗，我們認為她會為這項業務帶來很大助益。她到任約一個月。我們已在制定策略與計畫方面取得相當進展，以讓該品牌與業務重回成長軌道，我們會在下個季度分享更多細節。

Thanks, Josh. So back to our guidance. For gross margin, we expect 41% to 43% for 2026 and that increase over the recent trend is really driven by the renewal of some key licensing agreements with our major studio partners which will result in lower minimum guaranteed royalties.

謝謝，Josh。回到我們的指引。在毛利率方面，我們預期 2026 年為 41% 至 43%，而相較近期趨勢的提升主要來自與主要影業合作夥伴續簽若干關鍵授權協議，這將帶來較低的最低保證權利金。

As far as tariff assumptions, we're assuming that tariff rates remain around 15% for the remainder of the year. And in terms of refunds, we're exploring all avenues, and we'll update our guidance when we have more information later this year.

就關稅假設而言，我們假設今年剩餘期間關稅稅率維持在約 15%。至於退稅/退款方面，我們正在探索所有途徑，並會在今年稍晚取得更多資訊後更新我們的指引。

So finally, with regard to adjusted EBITDA, we expect a substantial improvement. That really is driven by actions that we've already taken That includes all of the tariff mitigation strategies that we implemented last year, including price adjustments and cost reductions annualizing. The renewal of the licensing contracts that I mentioned. And finally, just beginning to see traction on some of our growth initiatives, primarily in the Funko product lines, including Bitty Pop and Pop! Yourself, which we launched in Europe last quarter.

最後，關於調整後 EBITDA，我們預期將大幅改善。這主要由我們已採取的行動所驅動，其中包括我們去年實施的所有關稅緩解策略（包含調價與成本削減）在今年的全年化效益。以及我剛提到的授權合約續約。最後，我們也開始看到部分成長計畫出現進展，主要在 Funko 產品線，包括 Bitty Pop 與 Pop! Yourself，我們在上個季度已於歐洲推出。

Josh, how do you see 2026 shaping up?

Josh，你怎麼看 2026 年的走勢？

We're all really excited for 2026. I think it's probably the strongest entertainment slate that I've seen in the last four, five years. From a film standpoint, we've got Mandalorian & Grogu, Toy Story 5, Moana live action, all tons of great things for Disney, Super Girl from DC, Masters of the Universe, Minions 3, Spider Man: Brand New Day, Avengers: Doomsday at the end of the year. This week, Netflix's live action series One Piece, just debut season 2 of One Piece, which is always huge for us.

我們都對 2026 年感到非常興奮。我認為這可能是我在過去四、五年看到最強的娛樂內容檔期。以電影來看，我們有《曼達洛人與古古》（Mandalorian & Grogu）、《玩具總動員 5》、《海洋奇緣》真人版，迪士尼有一大堆很棒的作品；DC 的《超少女》（Super Girl）、《宇宙的巨人》（Masters of the Universe）、《小小兵 3》、《蜘蛛人：嶄新之日》（Spider Man: Brand New Day）、以及年底的《復仇者聯盟：末日》（Avengers: Doomsday）。本週 Netflix 的真人影集《航海王》（One Piece）剛推出第 2 季首播，這對我們一向是很大的題材。

Then obviously, in the sports world, it's a World Cup year. We have the England, US, and French teams. I mentioned we just signed this new deal with McLaren, some new product launches that we have coming up that I'm just going to tease for a little bit now.

另外很明顯地，在體育領域，2026 年是世界盃年。我們有英格蘭、美國與法國隊。我也提到我們剛與 McLaren 簽下這筆新合作，還有一些即將推出的新產品，我現在先賣個關子。

But really, when you take a step back and look at what's driving the toy industry right now, there's three trends. It's coming from growth in collectibles, growth in licensed IP, and growth in kidults. Those are all areas that sort of squarely are in the Funko wheelhouse. And so it's really just about us executing this year.

但如果退一步看目前推動玩具產業的因素，有三個趨勢。分別來自收藏品的成長、授權 IP 的成長，以及「大童」（kidults）的成長。這些領域都正好是 Funko 的強項。因此，關鍵就在於我們今年的執行。

Well, with that, we'll turn to our questions here. And the first question is coming in from Stephen Laszczyk of Goldman Sachs.

那麼，接下來我們進入提問環節。第一個問題來自高盛（Goldman Sachs）的 Stephen Laszczyk。

Please describe the shape of the flat to plus 3% guidance past Q1. Should it be pretty consistent throughout the year, and what gets you to the top versus low end of that guide?

請說明在第一季之後，「持平至成長 3%」這個指引的走勢形狀。全年會相當一致嗎？以及是什麼因素讓你們落在指引上緣而非下緣？

Sure. I'll take that one. Yeah, it should actually be pretty consistent throughout the year. This is not a hockey stick plan where we depend on having a huge second half of the year. We actually expect Q2 to comp up a little bit over last year that was pretty disrupted by the tariff impact when those were first announced and then also pretty steady growth throughout Q3 and Q4 as well.

好的。我來回答這題。是的，全年其實應該會相當一致。這不是那種「曲棍球棒」式的計畫，不是仰賴下半年大幅衝高。我們預期第二季相較去年會略有成長；去年第二季在關稅首次宣布時受到相當大的干擾；而第三季與第四季也預期會維持穩健成長。

To what extent does Funko view original content creation as a growth driver? How much does the company plan to invest in original content? And how does AI play into this strategy?

Funko 在多大程度上將原創內容創作視為成長驅動因素？公司計畫在原創內容上投入多少？AI 在這個策略中扮演什麼角色？

I mean, look, I'd say as a growth driver, I think it can be a serious growth driver in the long term. I mean, obviously, our entire business is driven by entertainment content and IP. And so I think as we explore more dimensions of storytelling through the Funko universe, I think over time, assuming those things are hits and people love it and watch it. We think it can actually drive growth, but it's going to take time to develop, produce and sort of get that content out to audiences.

我的意思是，從成長驅動因素來看，我認為長期而言它可以是非常重要的成長動能。很明顯地，我們整個業務都是由娛樂內容與 IP 所驅動。因此，當我們在 Funko 宇宙中探索更多敘事面向時，隨著時間推進，假設這些內容成為爆款、大家喜歡並且觀看，我們認為它確實能帶動成長。但這需要時間去開發、製作，並把內容推向觀眾。

Look, I think we're seeing the same trends everyone is from an AI standpoint and storytelling. We really believe in the power of people to tell great stories, our design teams and creative teams internally to craft these great characters. So far, it's been a great tool for efficiency and letting our teams focus more on the creative work than the busy work.

另外，從 AI 與敘事的角度來看，我想我們看到的趨勢跟大家一樣。我們非常相信人類講好故事的力量，也相信我們內部的設計團隊與創意團隊能打造出很棒的角色。到目前為止，AI 是提升效率的好工具，讓團隊能把更多時間放在創意工作，而不是瑣碎的雜務上。

And then I think from a capital standpoint, I mean, look, we're looking to partner with the same exact partners who we already work with on the licensor side some of the biggest studios around the world to help us develop and create these elements of content, movies, TV, et cetera.

然後從資本投入的角度來看，我的意思是，我們希望與我們在授權方端已合作的同一批夥伴合作——也就是全球一些最大的影業公司——來協助我們開發與創作這些內容元素，例如電影、電視等。

So from our standpoint, we're looking to rely on their expertise on the storytelling side and the partnership side and shouldn't be a significant capital investment from us.

因此，就我們而言，我們會仰賴他們在敘事與合作上的專業，而對我們來說不應該需要重大資本投入。

Does Funko need to use any of its extended credit agreement in 2026, or will the company continue to pay down debt like they did in Q4?

Funko 在 2026 年是否需要動用其擴增後的信貸協議額度，還是公司會像第四季那樣持續償還債務？

So the answer is no, we don't expect to need to do any additional borrowing. We're managing right now on our operating cash flows and expect to continue to do so. We make regular quarterly principal and interest payments on the debt, and we plan potentially later in this year and certainly early next year to make some incremental debt paydowns like we did in Q4.

答案是否定的，我們預期不需要再進行任何額外借款。我們目前以營運現金流來管理，並預期會持續如此。我們會按季定期支付債務的本金與利息；我們也計畫在今年稍晚、且肯定在明年初，像第四季那樣再進一步進行一些額外的償債。

Eric Wold of Texas Capital asks, can you break out the POS trends and inventory restocking domestically versus Europe? And if you saw any noticeable trends positive or negative as the quarter progressed, what about so far during Q1?

Texas Capital 的 Eric Wold 提問：你們能否拆分美國本土與歐洲的 POS 趨勢與補庫存情況？以及隨著季度推進，你們是否看到任何明顯的正向或負向趨勢？第一季迄今又如何？

Yeah, great question. We did see a continuation of the trend that we spoke about in Q3. We continue to see great double-digit growth in POS sales in Europe. And in the US, we actually saw an improving trend throughout Q4 to a positive comp year over year. And actually, we've seen that trend continue into Q1.

是的，這是個很好的問題。我們確實看到我們在第三季所談到的趨勢持續延續。我們在歐洲的 POS 銷售持續呈現強勁的雙位數成長。而在美國，我們其實在第四季整季看到趨勢改善，年對年同店比較轉為正成長。而且，我們也看到這個趨勢延續到第一季。

From a retailer inventory point of view, we watch that, obviously, very closely from the larger partners that report that information to us. And I think it's in a healthy place right now. and restocking is kind of going as we'd expect.

從零售商庫存的角度來看，我們當然會非常密切地關注，尤其是那些會向我們回報相關資訊的大型合作夥伴。我認為目前庫存處於健康水位，補貨也大致如我們預期地進行。

Within the 2026 guidance, what would you highlight as the key initiatives to both drive top-line results and margin versus 2025?

在 2026 年的指引中，您會強調哪些關鍵舉措，以同時推動營收表現與相較 2025 年的利潤率？

I guess I'll start from a top-line standpoint, I mean, obviously, I just -- I talked about the content slate. That's a huge driver of top-line growth this year. Bitty Pop is another example of that.

我想我先從營收面來談，當然，我剛才——我談到了內容產品陣容。那是今年推動營收成長的一個巨大動能。Bitty Pop 也是其中一個例子。

A lot of the broader initiatives that I mentioned will start to seed into this year. So international growth, some of the new products, those are things that we'll see, but you'll really start to see us drive incremental growth from that sort of further into the future.

我提到的許多更廣泛的舉措也會在今年開始發酵。因此，國際成長、一些新產品，這些都是我們會看到的，但你會真正看到我們由此帶來的增量成長，會更偏向在更往後的期間逐步顯現。

There's also some fun new initiatives that we have this year, too. We talked about World Cup. We have a fun lineup that's going to launch later this year, celebrating America's 50th. I mentioned the Pop mystery products that are launching later this year. So all of those things will start to add up. But I think like the strength we've seen in Bitty, the strength we've seen in the entertainment slate should drive a lot of the top-line growth.

今年我們也有一些很有趣的新計畫。我們談到了世界盃。我們也有一個很有趣的產品陣容，將在今年稍晚推出，慶祝美國 50 週年。我也提到將在今年稍晚推出的 Pop 神秘產品。所以這些事情都會逐步累積起來。但我認為，像我們在 Bitty 看到的強勁表現，以及我們在娛樂內容陣容看到的強勢，將會推動相當大一部分的營收成長。

And Yves, you want to take the margin?

Yves，你要談一下利潤率嗎？

Yeah, sure. From a margin perspective, I spoke about some of the main drivers already. The good news is we're forecasting to have a better margin than we've ever had. And those -- that's largely driven by things that are in our control, such as the price adjustments that we made last year and the renewal of some of our major licensing contracts.

好的，當然。從利潤率的角度，我已經談過一些主要驅動因素。好消息是，我們預測將達到我們有史以來更好的利潤率。而這——主要是由我們可控的因素所驅動，例如我們去年做的價格調整，以及我們與部分主要授權合約的續約。

Now, as we kind of go through the rest of the year, there will probably be puts and takes. I'm hoping for some favorable trends within the tariff world. Currently, we're paying 10%, the newly announced 10% tariff rates that may go up to 15%. I'm sure what that might be later on in the year.

接下來隨著我們走過今年剩餘時間，可能會有一些利多與利空因素交錯。我希望在關稅方面能出現一些有利趨勢。目前我們支付的是 10%，也就是新近宣布的 10% 關稅稅率，可能會上調到 15%。我不確定今年稍晚會是什麼情況。

On the other hand, we're also monitoring the situation right now in terms of oil prices and potential impact to shipping costs. So there are a few unknowns But for the most part, we feel confident about maintaining that level of gross margin.

另一方面，我們也在監控目前油價情勢，以及其對運輸成本可能造成的影響。所以有一些未知數。

Keegan Cox of D.A. Davidson asks, can you quantify the tariff impact you experienced in 2025? And what incremental pressure you expect in the first half of 2026?

D.A. Davidson 的 Keegan Cox 問：您能量化 2025 年所經歷的關稅影響嗎？以及您預期 2026 年上半年會有多少額外壓力？

Sure. So in 2025, our total tariffs and duties were close to $40 million. And about half of that was related to the IEEPA tariffs are the ones that were recently struck down.

當然。2025 年，我們的關稅與進口稅總額接近 4,000 萬美元。其中約一半與 IEEPA 關稅有關，也就是最近被推翻的那些關稅。

And for the first time, we've also invited investor questions from our investor base. So the first one is, to what extent has Funko signed new or expanded IP partnerships ahead of the relatively strong film slate in 2026?

另外，我們也首次邀請投資人從我們的投資人社群提出問題。第一個問題是：在 2026 年相對強勁的電影片單之前，Funko 在多大程度上已簽署新的或擴大的 IP 合作夥伴關係？

Well, look, I think as it relates to the film slate itself, the good news is last year, we renewed licenses with all of the major studios around the world. Disney, which is inclusive of Lucasfilm, Pixar, Marvel, Netflix, Paramount, Universal, we really value those relationships. We spend a lot of time with those partners. So from slate standpoint, I think we're in pretty great shape there.

嗯，你看，我認為就電影片單本身而言，好消息是我們去年已與全球所有主要影業公司完成授權續約。包括 Disney（涵蓋 Lucasfilm、Pixar、Marvel）、Netflix、Paramount、Universal，我們非常重視這些合作關係。我們花很多時間與這些夥伴合作。所以就片單角度來看，我認為我們在這方面的狀態相當不錯。

I mentioned some of the World Cup teams that we signed licensing deals with. I think for us, like the -- kind of talking about some of the white space earlier, for me, the focus is really thinking about what are those net new kind of white space incremental areas where we don't currently operate.

我提到我們與一些世界盃球隊簽署了授權協議。我想對我們而言，就像——稍早談到的一些「白地」機會，對我來說，重點是思考哪些是全新的、屬於白地的增量領域，也就是我們目前尚未涉足的領域。

So I'd say the world of creators is a huge example of that. We have appointed a new Board member, Reed Duchscher, who represents some of the biggest creators in the world, who everyone is familiar with on Twitch and YouTube and TikTok. He's been a really invaluable adviser and looking to tap into his expertise and guidance as we embark in more in that space.

所以我會說，「創作者」的世界就是一個很大的例子。我們已任命一位新的董事會成員 Reed Duchscher，他代表全球一些最大的創作者，大家在 Twitch、YouTube 和 TikTok 上都很熟悉。他一直是非常寶貴的顧問，我們也希望在我們更深入投入這個領域時，能善用他的專業與指導。

Coming in from an investor in South Africa, the whole of South Africa would love it if you would make Funko Pops of the Springboks rugby team.

有一位來自南非的投資人提問：整個南非都會很希望你們能推出 Springboks 橄欖球隊的 Funko Pops。

Interesting. Well, let's see, I don't want to let South Africa down. So we will look into it. But it's funny, it's a great question. I can't expound a lot on rugby, which I apologize to any fans out there, but I respect the sport. But it's a great question. I think it definitely, I think, showcases both opportunity that exists in sports and also just kind of the global extent of our fandom. So fun to hear a question from an investor in South Africa. Well, we will look into it.

有意思。好吧，我不想讓南非失望。所以我們會研究看看。不過這很有趣，這是個很棒的問題。我對橄欖球沒辦法多做闡述，先向所有球迷致歉，但我很尊重這項運動。但這確實是個好問題。我認為這也確實展現了體育領域存在的機會，以及我們粉絲群的全球廣度。所以能聽到來自南非投資人的提問很有趣。好，我們會研究看看。

Well, that does wrap up our questions. Josh, any final words?

好的，以上就是我們的提問。Josh，有沒有最後想說的話？

Well, I just want to thank you for hosting and being here today. Thank you, everyone, for watching. Excited to be back in May with our next earnings call and continue to share our progress across the business.

我只想感謝你們主辦並且今天到場。也謝謝各位收看。很期待在五月回來參加我們下一次的財報電話會議，並持續分享我們在各項業務上的進展。