JAKKS Pacific, Inc. Files Quarterly Report on Form 10-Q for Period Ended March 31, 2024

TL;DR

<b>JAKKS Pacific, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, confirming its status as an accelerated filer and smaller reporting company.</b>

AI Summary

JAKKS PACIFIC INC (JAKK) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. JAKKS Pacific, Inc. filed a Form 10-Q for the quarterly period ended March 31, 2024. The company is incorporated in Delaware and its fiscal year ends on December 31. JAKKS Pacific, Inc. is classified as an accelerated filer and a smaller reporting company. The principal executive offices are located at 2951 28th Street, Santa Monica, CA 90405. The company has filed 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 investors with the latest financial performance and operational updates for JAKKS Pacific, Inc. for the first quarter of 2024. As an accelerated filer and smaller reporting company, JAKKS Pacific, Inc. is subject to specific SEC reporting requirements, offering transparency to stakeholders.

Risk Assessment

Risk Level: low — JAKKS PACIFIC INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating routine disclosure.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand JAKKS Pacific's performance and outlook.

Key Numbers

• 2024-03-31 — Quarterly Period End Date (Form 10-Q)
• 2024-05-08 — Filing Date (Form 10-Q)
• 1231 — Fiscal Year End (Company Data)
• 0-28104 — Commission File Number (Form 10-Q)

Key Players & Entities

• JAKKS Pacific, Inc. (company) — Registrant
• March 31, 2024 (date) — Quarterly period ended
• 2024-05-08 (date) — Filed as of date
• Delaware (jurisdiction) — State of Incorporation
• 2951 28th Street (address) — Business Address
• Santa Monica (location) — City
• CA (state) — State
• 90405 (zip_code) — Zip Code

FAQ

Industry Context

JAKKS Pacific, Inc. operates in the toy and consumer products industry, focusing on the design, marketing, and licensing of toys and related consumer products.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including filing quarterly reports (10-Q) and annual reports (10-K).

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) for insights into business trends and outlook.
3. Check for any new risk factors or updates to existing ones.

Year-Over-Year Comparison

This filing is the Form 10-Q for the quarter ended March 31, 2024, following the company's previous filings as required by the SEC.

Filing Documents

• jakkspacif20240331_10q.htm (10-Q) — 976KB
• ex_667150.htm (EX-31.1) — 9KB
• ex_667151.htm (EX-31.2) — 8KB
• ex_667152.htm (EX-32.1) — 3KB
• ex_667153.htm (EX-32.2) — 3KB
• 0001185185-24-000477.txt (&nbsp;) — 5585KB
• jakk-20240331.xsd (EX-101.SCH) — 49KB
• jakk-20240331_cal.xml (EX-101.CAL) — 45KB
• jakk-20240331_def.xml (EX-101.DEF) — 263KB
• jakk-20240331_lab.xml (EX-101.LAB) — 450KB
• jakk-20240331_pre.xml (EX-101.PRE) — 265KB
• jakkspacif20240331_10q_htm.xml (XML) — 759KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations and Comprehensive Income 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25 Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds None Item 3. Defaults Upon Senior Securities None Item 4. Mine Safety Disclosures None Item 5. Other Information None Item 6. Exhibits 26

Signatures

Signatures Exhibit 31.1 Exhibit 31.2 Exhibit 32.1 Exhibit 32.2

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements JAKKS PACIFIC, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) Assets March 31, December 31, 2024 2023 (Unaudited) Current assets Cash and cash equivalents $ 35,290 $ 72,350 Restricted cash 202 204 Accounts receivable, net of allowance for credit losses of $ 4,880 and $ 3,743 at March 31, 2024 and December 31, 2023, respectively 79,875 123,797 Inventory 46,341 52,647 Prepaid expenses and other assets 19,087 6,374 Total current assets 180,795 255,372 Property and equipment Office furniture and equipment 9,165 8,852 Molds and tooling 122,153 120,396 Leasehold improvements 6,748 6,708 Total 138,066 135,956 Less accumulated depreciation and amortization 122,694 121,357 Property and equipment, net 15,372 14,599 Operating lease right-of-use assets, net 22,965 23,592 Other long-term assets 2,063 2,162 Deferred income tax assets, net 68,142 68,143 Goodwill 34,997 35,083 Total assets $ 324,334 $ 398,951 Liabilities, Preferred Stock and Stockholders' Equity Current liabilities Accounts payable $ 31,683 $ 42,177 Accounts payable - Meisheng (related party) 8,689 12,259 Accrued expenses 37,201 45,102 Reserve for sales returns and allowances 27,859 38,531 Income taxes payable — 3,785 Short-term operating lease liabilities 8,237 7,380 Total current liabilities 113,669 149,234 Long-term operating lease liabilities 15,961 16,666 Accrued expenses – long term 3,183 3,746 Preferred stock derivative liability — 29,947 Income taxes payable 3,295 3,245 Total liabilities 136,108 202,838 Preferred stock accrued dividends, $ 0.001 par value; 5,000,000 shares authorized; nil and 200,000 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively — 5,992 Stockholders' Equity Common stock, $ 0.001 par value; 10

View Full Filing

View this 10-Q filing on SEC EDGAR