$FNKO
Funko, Inc.

2020 Q2 Form 10-Q Financial Statement

#000170471120000098 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $98.10M $191.2M
YoY Change -48.69% 37.83%
Cost Of Revenue $62.18M $120.0M
YoY Change -48.18% 39.72%
Gross Profit $35.92M $71.20M
YoY Change -49.56% 34.75%
Gross Profit Margin 36.61% 37.24%
Selling, General & Admin $39.11M $43.65M
YoY Change -10.39% 26.38%
% of Gross Profit 108.89% 61.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.40M $11.00M
YoY Change 3.64% 13.4%
% of Gross Profit 31.74% 15.45%
Operating Expenses $39.11M $43.65M
YoY Change -10.39% 26.38%
Operating Profit -$14.26M $17.13M
YoY Change -183.27% 97.98%
Interest Expense -$2.691M -$3.763M
YoY Change -28.49% -32.61%
% of Operating Profit -21.97%
Other Income/Expense, Net $243.0K $219.0K
YoY Change 10.96% -108.42%
Pretax Income -$16.71M $13.59M
YoY Change -223.02% 2815.24%
Income Tax -$1.700M $2.200M
% Of Pretax Income 16.19%
Net Earnings -$10.59M $5.132M
YoY Change -306.25% 7231.43%
Net Earnings / Revenue -10.79% 2.68%
Basic Earnings Per Share -$0.30 $0.17
Diluted Earnings Per Share -$0.30 $0.16
COMMON SHARES
Basic Shares Outstanding 35.03M shares 29.91M shares
Diluted Shares Outstanding 35.03M shares 32.12M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.10M $19.50M
YoY Change 110.77% 78.9%
Cash & Equivalents $41.13M $19.49M
Short-Term Investments
Other Short-Term Assets $11.60M $17.20M
YoY Change -32.56% -7.03%
Inventory $60.35M $75.30M
Prepaid Expenses
Receivables $94.05M $131.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $207.1M $243.6M
YoY Change -14.97% 28.19%
LONG-TERM ASSETS
Property, Plant & Equipment $62.90M $43.33M
YoY Change 45.16% 0.72%
Goodwill $124.3M $124.5M
YoY Change -0.17% 7.05%
Intangibles $213.2M $229.3M
YoY Change -7.04% -4.98%
Long-Term Investments
YoY Change
Other Assets $4.959M $3.986M
YoY Change 24.41% -1.17%
Total Long-Term Assets $521.5M $472.6M
YoY Change 10.35% 16.75%
TOTAL ASSETS
Total Short-Term Assets $207.1M $243.6M
Total Long-Term Assets $521.5M $472.6M
Total Assets $728.6M $716.2M
YoY Change 1.74% 20.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.13M $32.85M
YoY Change -23.51% 47.86%
Accrued Expenses $53.20M $65.40M
YoY Change -18.65% 45.01%
Deferred Revenue
YoY Change
Short-Term Debt $29.10M $19.30M
YoY Change 50.78% -54.37%
Long-Term Debt Due $19.50M $10.62M
YoY Change 83.61% 33.47%
Total Short-Term Liabilities $127.1M $129.2M
YoY Change -1.6% 2.28%
LONG-TERM LIABILITIES
Long-Term Debt $191.3M $211.4M
YoY Change -9.51% 6.66%
Other Long-Term Liabilities $126.3M $79.20M
YoY Change 59.47% 1831.71%
Total Long-Term Liabilities $191.3M $211.4M
YoY Change -9.51% 6.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $127.1M $129.2M
Total Long-Term Liabilities $191.3M $211.4M
Total Liabilities $318.4M $340.6M
YoY Change -6.51% 4.96%
SHAREHOLDERS EQUITY
Retained Earnings $5.731M $16.04M
YoY Change -64.28% 735.19%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $215.7M $192.4M
YoY Change
Total Liabilities & Shareholders Equity $728.6M $716.2M
YoY Change 1.74% 20.4%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$10.59M $5.132M
YoY Change -306.25% 7231.43%
Depreciation, Depletion And Amortization $11.40M $11.00M
YoY Change 3.64% 13.4%
Cash From Operating Activities -$4.800M $20.70M
YoY Change -123.19% 64.29%
INVESTING ACTIVITIES
Capital Expenditures -$6.700M -$8.100M
YoY Change -17.28% -1.22%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$6.700M -$8.100M
YoY Change -17.28% -2.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.500M -16.10M
YoY Change -78.26% 906.25%
NET CHANGE
Cash From Operating Activities -4.800M 20.70M
Cash From Investing Activities -6.700M -8.100M
Cash From Financing Activities -3.500M -16.10M
Net Change In Cash -15.00M -3.500M
YoY Change 328.57% -229.63%
FREE CASH FLOW
Cash From Operating Activities -$4.800M $20.70M
Capital Expenditures -$6.700M -$8.100M
Free Cash Flow $1.900M $28.80M
YoY Change -93.4% 38.46%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Amendment Flag
AmendmentFlag
false
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Document Fiscal Period Focus
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Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001704711
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
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true
dei Document Period End Date
DocumentPeriodEndDate
2020-06-30
dei Document Transition Report
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false
dei Entity File Number
EntityFileNumber
001-38274
dei Entity Registrant Name
EntityRegistrantName
FUNKO, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
35-2593276
dei Entity Address Address Line1
EntityAddressAddressLine1
2802 Wetmore Avenue
dei Entity Address Postal Zip Code
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98201
dei Entity Address City Or Town
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Everett
dei Entity Address State Or Province
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WA
dei City Area Code
CityAreaCode
425
dei Local Phone Number
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783-3616
dei Security12b Title
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Class A Common Stock,$0.0001 par value per share
dei Trading Symbol
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FNKO
dei Security Exchange Name
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-17494000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3395000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-419000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-3437000 USD
fnko Increase Decrease In Accrued Royalties
IncreaseDecreaseInAccruedRoyalties
-15531000 USD
fnko Increase Decrease In Accrued Royalties
IncreaseDecreaseInAccruedRoyalties
-9201000 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-10421000 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-8288000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
32208000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
47954000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11676000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11730000 USD
fnko Payments To Acquire Businesses And Related Intangible Assets Net Of Cash Acquired
PaymentsToAcquireBusinessesAndRelatedIntangibleAssetsNetOfCashAcquired
0 USD
fnko Payments To Acquire Businesses And Related Intangible Assets Net Of Cash Acquired
PaymentsToAcquireBusinessesAndRelatedIntangibleAssetsNetOfCashAcquired
6369000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11676000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-18099000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
28267000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
22543000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
25281000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
23383000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
569000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
272000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5876000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5875000 USD
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
2675000 USD
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
18121000 USD
fnko Payments Under Tax Receivable Agreement
PaymentsUnderTaxReceivableAgreement
166000 USD
fnko Payments Under Tax Receivable Agreement
PaymentsUnderTaxReceivableAgreement
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
41000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1387000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-6259000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-23721000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1625000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-135000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15898000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5999000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25229000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13486000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
41127000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19485000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions.</span></div>
CY2020Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
29900000 USD
CY2017Q4 fnko Percentage Of Tax Benefit Paid To Equity Owner
PercentageOfTaxBenefitPaidToEquityOwner
0.85
us-gaap Number Of Reporting Units
NumberOfReportingUnits
1 number_of_reporting_units
CY2020Q2 us-gaap Goodwill
Goodwill
124300000 USD
CY2020Q2 fnko Goodwill And Long Lived Asset Group
GoodwillAndLongLivedAssetGroup
264700000 USD
CY2020Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
3639000 USD
CY2019Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
3812000 USD
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
210782000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
216501000 USD
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
19498000 USD
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
13685000 USD
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
191284000 USD
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
202816000 USD
CY2020Q2 fnko Debt Covenant Minimum Liquidity Requirement
DebtCovenantMinimumLiquidityRequirement
30000000.0 USD
CY2020Q2 fnko Debt Covenant Leverage Ratio
DebtCovenantLeverageRatio
2.50
CY2020Q2 fnko Debt Covenant Net Cash Proceeds Requirement
DebtCovenantNetCashProceedsRequirement
50000000.0 USD
CY2020Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
45900000 USD
CY2020Q2 fnko Common Units Acquired
CommonUnitsAcquired
500000 shares
fnko Common Units Acquired
CommonUnitsAcquired
500000 shares
fnko Increase In Deferred Tax Assets
IncreaseInDeferredTaxAssets
400000 USD
CY2020Q2 fnko Increase In Deferred Tax Assets
IncreaseInDeferredTaxAssets
400000 USD
fnko Increase In Tax Receivable Agreement Liabilities
IncreaseInTaxReceivableAgreementLiabilities
900000 USD
CY2020Q2 fnko Increase In Tax Receivable Agreement Liabilities
IncreaseInTaxReceivableAgreementLiabilities
900000 USD
CY2020Q2 fnko Payments Under Tax Receivable Agreement
PaymentsUnderTaxReceivableAgreement
0 USD
fnko Payments Under Tax Receivable Agreement
PaymentsUnderTaxReceivableAgreement
200000 USD
CY2019Q2 fnko Common Units Acquired
CommonUnitsAcquired
1700000 shares
fnko Common Units Acquired
CommonUnitsAcquired
5000000.0 shares
CY2019Q2 fnko Increase In Deferred Tax Assets
IncreaseInDeferredTaxAssets
8400000 USD
fnko Increase In Deferred Tax Assets
IncreaseInDeferredTaxAssets
22300000 USD
CY2019Q2 fnko Increase In Tax Receivable Agreement Liabilities
IncreaseInTaxReceivableAgreementLiabilities
10600000 USD
fnko Increase In Tax Receivable Agreement Liabilities
IncreaseInTaxReceivableAgreementLiabilities
29200000 USD
fnko Payments Under Tax Receivable Agreement
PaymentsUnderTaxReceivableAgreement
0 USD
fnko Severance Payment Period
SeverancePaymentPeriod
P1Y
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
98099000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
191199000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
234799000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
358264000 USD
CY2020Q2 us-gaap Noncurrent Assets
NoncurrentAssets
125575000 USD
CY2019Q4 us-gaap Noncurrent Assets
NoncurrentAssets
133396000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1700000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2200000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2600000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3600000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.110
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
283632000 USD
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
296365000 USD
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
283632000 USD
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
296365000 USD
CY2020Q2 us-gaap Profit Loss
ProfitLoss
-15009000 USD
CY2019Q2 us-gaap Profit Loss
ProfitLoss
11415000 USD
us-gaap Profit Loss
ProfitLoss
-20741000 USD
us-gaap Profit Loss
ProfitLoss
18560000 USD
CY2020Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-4424000 USD
CY2019Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6283000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-6030000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
11233000 USD
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35033100 shares
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-10585000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
5132000 USD
us-gaap Net Income Loss
NetIncomeLoss
-14711000 USD
us-gaap Net Income Loss
NetIncomeLoss
7327000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35033100 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29909518 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34988487 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28283578 shares
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2205901 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2012075 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32115419 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34988487 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30295653 shares
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.30
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.42
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.30
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.42
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24

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