FNKO - Funko Non-GAAP EPS of $0.28 misses by $0.22 revenue of $365.61M beats by $45.98M

• Funko press release ( NASDAQ: FNKO ): Q3 Non-GAAP EPS of $0.28 misses by $0.22 .
• Revenue of $365.61M (+36.6% Y/Y) beats by $45.98M .
• Gross margin contracted 100 basis points to 35.0%
• Net income decreased 39.3% to $11.1 million; Net income margin contracted 390 basis points to 3.0%
• Adjusted EBITDA decreased 11.2% to $35.7 million; Adjusted EBITDA margin contracted 520 basis points to 9.8%
• Cash flow used in operations of $64.7 million for the nine months ended September 30, 2022
• Total liquidity of $150.1 million compared to $193.2 million
• FY 2022 Guidance: Net sales of $1.29 billion to $1.33 billion vs. consensus of $1.33B
• Sequential decline in gross margin due to margin seasonality and ongoing inventory management;
• Adjusted EBITDA margin of high single digits;
• Adjusted Net Income of $47 million to $49 million, based on a blended tax rate of 25%; and
• Adjusted Earnings per Diluted Share of $0.85 to $0.95 vs. consensus of $1.91.
• Shares -15% .

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