8-K
filed May 9, 2024, 7:59 PM ET
ticker FNKO
CIK 0001704711
leadership
confidence high
sentiment neutral
materiality 0.75
Funko appoints Cynthia Williams as CEO; Q1 net sales $215.7M, net loss $23.7M, FY guidance reiterated
Funko, Inc.
- Q1 net sales $215.7M, down 14.4% YoY; net loss $23.7M ($0.45/share) vs $61.1M loss a year ago.
- Gross margin 40.0% (vs 19.7% in Q1 2023, which included $30.1M inventory write-down); Adj. EBITDA $9.6M vs negative $14.0M.
- Cynthia Williams appointed CEO effective May 20, 2024, replacing interim CEO Michael Lunsford; she also joins board as Class II director.
- FY 2024 guidance reiterated: net sales $1.047B-$1.103B, adjusted EBITDA $65M-$85M; Q2 net sales guided $225M-$240M.
- Inventory reduced to $112.3M from $119.5M at Dec 2023; total debt down to $246.4M from $273.6M.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Funko, Inc. reported first quarter ended March 31, 2024 results: net income $23.7 million, EPS $0.45 per share.
- Period
- first quarter ended March 31, 2024
- Net income
- $23.7 million
- EPS
- $0.45 per share
- Result
- reported results
Exact text from the filing
Net sales were $215.7 million compared with $251.9 million
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Funko, Inc. reported first quarter ended March 31, 2024 results: net income $23.7 million, EPS $0.45 per share.
- Period
- first quarter ended March 31, 2024
- Net income
- $23.7 million
- EPS
- $0.45 per share
- Result
- reported results
Exact text from the filing
Net loss was $23.7 million, or $0.45 per share, compared with $61.1 million, or $1.17 per share
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Funko, Inc. reported 2024 full year results: revenue $1.047 billion to $1.103 billion. Guidance reaffirmed.
- Period
- 2024 full year
- Revenue
- $1.047 billion to $1.103 billion
- Guidance
- reaffirmed
- Result
- guidance update
Exact text from the filing
Based on its current outlook, the company reiterated its 2024 full-year outlook and provided guidance for its 2024 second quarter, as follows: Current Outlook 2024 Full Year Net Sales $1.047 billion to $1.103 billion Adjusted EBITDA* $65 million to $85 million
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Cynthia Williams was appointed as Class II Director at Funko, Inc..
- Action
- appointed
- Role
- Class II Director
Exact text from the filing
On May 8, 2024, following a search process, the Board of Directors (the “Board”) of the Company appointed Cynthia Williams as the Company’s Chief Executive Officer and a Class II director, in each case effective May 20, 2024 (the “Effective Date”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Cynthia Williams was appointed as Chief Executive Officer at Funko, Inc..
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
On May 8, 2024, following a search process, the Board of Directors (the “Board”) of the Company appointed Cynthia Williams as the Company’s Chief Executive Officer and a Class II director, in each case effective May 20, 2024 (the “Effective Date”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Andrew Perlmutter resigned as Class II Director at Funko, Inc..
- Action
- resigned
- Role
- Class II Director
Exact text from the filing
Andrew Perlmutter resigned as a Class II director of the Company, effective on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael Lunsford changed role as Interim Chief Executive Officer at Funko, Inc..
- Action
- succeeded
- Role
- Interim Chief Executive Officer
Exact text from the filing
Ms. Williams succeeds Michael Lunsford, the Company’s Interim Chief Executive Officer.
View on SEC.gov
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