FNKO - Funko Non-GAAP EPS of -$0.35 misses by $0.24 revenue of $333.04M beats by $15.13M

• Funko press release ( NASDAQ: FNKO ): Q4 Non-GAAP EPS of -$0.35 misses by $0.24 .
• Revenue of $333.04M (-1.0% Y/Y) beats by $15.13M .
• Shares -2% .

• For the first quarter of 2023 the Company expects:

  • Revenue of between $225 million and $255 million.
  • Excluding an anticipated inventory write down, gross margin is expected to be in line to slightly below the fourth quarter of 2022, and improve sequentially throughout the year.
  • SG&A to be sequentially lower from the fourth quarter of 2022 by approximately $25 million at the midpoint of the revenue range.
  • Adjusted EBITDA of between $(50) million and $(45) million, returning to positive territory in the second half of 2023.
  • Adjusted Net Loss of $(53) to $(48) million based on a blended tax rate of 25%, and adjusted loss per diluted share of $(1.00) to $(0.90) based on a weighted average diluted share count of 52.3 million shares.

  For the full year 2023 the Company expects:

  • Revenue growth year-over-year between 0% and 5%.
  • Adjusted EBITDA for the year to be between $50 million and $75 million.

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