JAKKS PACIFIC INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>JAKKS PACIFIC, INC. has filed its 2023 annual report (10-K) detailing its financial performance and corporate information.</b>

AI Summary

JAKKS PACIFIC INC (JAKK) filed a Annual Report (10-K) with the SEC on March 15, 2024. JAKKS PACIFIC, INC. filed its annual report for the fiscal year ended December 31, 2023. The company is incorporated in Delaware with IRS number 95-4527222. Its principal executive offices are located at 2951 28th Street, Santa Monica, California 90405. JAKKS PACIFIC, INC. common stock is traded on The NASDAQ Global Select Market under the symbol JAKK. The company has submitted all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking JAKKS PACIFIC INC, this filing contains several important signals. This filing provides a comprehensive overview of JAKKS PACIFIC's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. As a publicly traded company, the 10-K filing is a mandatory disclosure that offers insights into the company's business, risk factors, and financial statements, enabling informed investment decisions.

Risk Assessment

Risk Level: low — JAKKS PACIFIC INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain new material events or significant negative financial indicators, suggesting a stable current status.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand JAKKS PACIFIC's performance and outlook.

Key Numbers

• 2023 — Fiscal Year End (Reported fiscal year)
• 1231 — Fiscal Year End (Reported fiscal year)
• 001-35448 — SEC File Number (SEC file number for the company)
• 24753087 — Film Number (Film number associated with the filing)

Key Players & Entities

• JAKKS PACIFIC INC. (company) — Filer name
• 2023 (date) — Fiscal year ended
• December 31 (date) — Fiscal year ended
• Delaware (jurisdiction) — State of incorporation
• 95-4527222 (identifier) — IRS number
• 2951 28th Street (address) — Principal executive offices street
• Santa Monica, California (location) — Principal executive offices city and state
• JAKK (ticker) — Trading symbol

FAQ

Industry Context

JAKKS PACIFIC, INC. operates in the Games, Toys & Children's Vehicles industry, excluding dolls and bicycles.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Section 13 or 15(d), requiring annual reports from public companies.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue, net income, and other key performance indicators.
2. Review the 'Risk Factors' section to understand potential challenges and threats to the company's business.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into the company's strategic decisions and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-15: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial extraction of the 2023 10-K filing. Comparative data from the previous year's filing will be available upon analysis of that document.

Key Financial Figures

• $19.97 — of the Common Stock on June 30, 2023 of $19.97 is $ 142,701,187 . The number of share
• $153.7 m — de the United States were approximately $153.7 million, or 21.6% of total net sales. In
• $28.0 billion — n the United States, were approximately $28.0 billion in 2023. We believe the two largest Uni
• $75.7 million — d payments to Meisheng of approximately $75.7 million and $120.5 million for the years ended
• $120.5 million — heng of approximately $75.7 million and $120.5 million for the years ended December 31, 2023 a
• $151.9 m — our net sales in 2023 and approximately $151.9 million, or 19.1% of our net sales in 202

Filing Documents

• jakkspacif20231231_10k.htm (10-K) — 2758KB
• ex_639085.htm (EX-3.4) — 52KB
• ex_638724.htm (EX-21) — 10KB
• ex_638725.htm (EX-23.1) — 2KB
• ex_638726.htm (EX-31.1) — 9KB
• ex_638727.htm (EX-31.2) — 9KB
• ex_638728.htm (EX-32.1) — 4KB
• ex_638729.htm (EX-32.2) — 4KB
• 0001185185-24-000243.txt (&nbsp;) — 11110KB
• jakk-20231231.xsd (EX-101.SCH) — 72KB
• jakk-20231231_cal.xml (EX-101.CAL) — 86KB
• jakk-20231231_def.xml (EX-101.DEF) — 403KB
• jakk-20231231_lab.xml (EX-101.LAB) — 714KB
• jakk-20231231_pre.xml (EX-101.PRE) — 415KB
• jakkspacif20231231_10k_htm.xml (XML) — 1754KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 26 Item 1C. Cybersecurity 26 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. Reserved 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 8. Consolidated Financial Statements and Supplementary Data 39 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 72 Item 9A.

Controls and Procedures

Controls and Procedures 72 Item 9B. Other Information 74 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III Item 10. Directors, Executive Officers and Corporate Governance 75 Item 11.

Executive Compensation

Executive Compensation 81 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 95 Item 13. Certain Relationships and Related Transactions, and Director Independence 96 Item 14. Principal Accountant Fees and Services 97 PART IV Item 15. Exhibits and Financial Statement Schedules 99 Item 16. Form 10-K Summary 103

Signatures

Signatures 104 Certifications DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. For example, statements included in this report regarding our financial position, business strategy and other plans and objectives for future operations, and assumptions and predictions about future product demand, supply, manufacturing, costs, marketing and pricing factors are all forward-looking statements. When we use words like "intend," "anticipate," "believe," "estimate," "plan" or "expect," we are making forward-looking statements. We believe that the assumptions and expectations reflected in such forward-looking statements are reasonable, based upon information available to us on the date hereof, but we cannot assure you that these assumptions and expectations will prove to have been correct or that we will take any action that we may presently be planning. We have disclosed certain important factors that could cause our actual results to differ materially from our current expectations elsewhere in this report. You should understand that forward-looking statements made in this report are necessarily qualified by these factors. We are not undertaking to publicly update or revise any forward-looking statement if we obtain new information or upon the occurrence of future events or otherwise. PART I

Business

Item 1. Business In this report, "JAKKS," the "Company," "we," "us" and "our" refer to JAKKS Pacific, Inc., its subsidiaries and our majority-owned joint venture. Company Overview We are a leading multi-product line, multi-brand toy company that designs, produces, markets, sells and distributes toys and related kid-targeted consumer products, inclusive of kids indoor and outdoor furniture, costumes and various product lines in the sporting goods and home furnishings space. We focus our business on acquiring or licensing well-recognized intellectual property ("IP"), trademarks and/or brand names, most with long product histories ("evergreen brands"). We seek to acquire/license these evergreen brands because we believe they are less subject to market fads or trends. We also develop proprietary products marketed under our own trademarks and brand names, and have historically acquired complementary businesses to further grow our portfolio. For accounting purposes, our products have been divided into two segments: (i) Toys/Consumer Products and (ii) Costumes. Segment information with respect to revenues, assets and profits or losses attributable to each segment is contained in Note 3 to the audited consolidated financial statements contained below in Item 8. Our products include: Action figures and accessories, including licensed characters based on the Nintendo, Sonic the Hedgehog and Apex Legends franchises and our own proprietary brands including Creepy Crawlers; Toy vehicles, including Xtreme Power Dozer, Xtreme Power Dump Truck, XPV, Road Champs, Fly Wheels and AirTitans inflatable remote-control dinosaur; Dolls and accessories, including small dolls, large dolls, fashion dolls and baby dolls based on licenses, including Disney Wish, Disney Encanto, Disney ILY 4EVER, Disney Frozen, Disney Princess and Minnie Mouse, and infant and pre-school toys based on TV shows like PBS's Daniel Tiger's Neighborhood as well as in-house brands such as Perfectly Cute and col

View Full Filing

View this 10-K filing on SEC EDGAR