Company Quick10K Filing
JAKKS Pacific
Price0.81 EPS-1
Shares60 P/E-1
MCap49 P/FCF2
Net Debt-25 EBIT-26
TEV24 TEV/EBIT-1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-15
10-K 2019-12-31 Filed 2020-05-13
10-Q 2019-09-30 Filed 2019-11-13
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-16
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-13
10-K 2013-12-31 Filed 2014-03-17
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-01
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-04
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-17
8-K 2020-07-31 Other Events
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-07-09 Amend Bylaw, Exhibits
8-K 2020-06-12
8-K 2020-05-15
8-K 2020-05-13
8-K 2020-03-30
8-K 2020-02-19
8-K 2019-12-26
8-K 2019-11-15
8-K 2019-11-07
8-K 2019-11-07
8-K 2019-10-17
8-K 2019-09-20
8-K 2019-08-16
8-K 2019-08-09
8-K 2019-08-09
8-K 2019-08-09
8-K 2019-08-09
8-K 2019-06-28
8-K 2019-06-24
8-K 2019-05-09
8-K 2019-05-09
8-K 2019-03-31
8-K 2019-02-26
8-K 2019-02-26
8-K 2019-01-07
8-K 2018-10-25
8-K 2018-07-25
8-K 2018-06-14
8-K 2018-04-26
8-K 2018-04-02
8-K 2018-03-29
8-K 2018-03-26
8-K 2018-02-22
8-K 2018-01-25

JAKK 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Business Segments, Geographic Data, and Sales By Major Customers
Note 3 - Inventory
Note 4 - Revenue Recognition and Reserve for Sales Returns and Allowances
Note 5 - Debt
Note 6 - Credit Facilities
Note 7 - Income Taxes
Note 8 - Loss per Share
Note 9 - Common Stock and Preferred Stock
Note 10 - Joint Ventures
Note 11 - Goodwill
Note 12 - Intangible Assets Other Than Goodwill
Note 13 - Comprehensive Loss
Note 14 - Litigation and Contingencies
Note 15 - Share - Based Payments
Note 16 - Fair Value Measurements
Note 17 - Related Party Transactions
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 jakk-20200630xexx311.htm
EX-31.2 jakk-20200630xexx312.htm
EX-32.1 jakk-20200630xexx321.htm
EX-32.2 jakk-20200630xexx322.htm

JAKKS Pacific Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
67053640226813402012201420172020
Assets, Equity
35025616268-26-1202012201420172020
Rev, G Profit, Net Income
704112-17-46-752012201420172020
Ops, Inv, Fin

jakk-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number: 0-28104
JAKKS Pacific, Inc.
(Exact Name of Registrant as Specified in Its Charter)

Delaware
95-4527222
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
2951 28th Street
Santa MonicaCalifornia
(Address of Principal Executive Offices)
90405
(Zip Code)
Registrant’s Telephone Number, Including Area Code: (424) 268-9444
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   ☒       No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   ☒       No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  ☐Accelerated filer  ☐
Non-accelerated filer  ☒
Smaller reporting company 
Emerging growth company 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  ☒
Securities registered pursuant to Section 12(g) of the Act:
Title of each class Trading
Symbol(s)
 Name of each exchange on which registered
Common Stock $.001 Par Value JAKK The NASDAQ Global Select Market
The number of shares outstanding of the issuer’s common stock is 4,244,360 as of August 3, 2020.
1


JAKKS PACIFIC, INC. AND SUBSIDIARIES
INDEX TO QUARTERLY REPORT ON FORM 10-Q
QUARTER ENDED JUNE 30, 2020
ITEMS IN FORM 10-Q
Item 2.Unregistered Sales of Equity Securities and Use of ProceedsNone
Item 3.Defaults Upon Senior SecuritiesNone
Item 4.Mine Safety DisclosuresNone
Item 5.Other InformationNone
  


2


PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
JAKKS PACIFIC, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)

Assets
June 30,
2020
December 31,
2019
 
(Unaudited)
Current assets
 
 
Cash and cash equivalents
$48,133  $61,613  
Restricted cash
4,555  4,673  
Accounts receivable, net of allowance for doubtful accounts of $3,527 and $3,394 at June 30, 2020 and December 31, 2019, respectively
69,003  117,942  
Inventory
57,681  54,259  
Prepaid expenses and other assets
28,448  21,898  
Total current assets
207,820  260,385  
Property and equipment
Office furniture and equipment
11,820  11,678  
Molds and tooling
94,336  103,335  
Leasehold improvements
6,821  6,808  
Total
112,977  121,821  
Less accumulated depreciation and amortization
95,998  106,562  
Property and equipment, net
16,979  15,259  
Operating lease right-of-use assets, net27,644  32,081  
Other long term assets10,056  18,926  
Intangible assets, net2,538  3,188  
Goodwill
35,083  35,083  
Trademarks
300  300  
Total assets
$300,420  $365,222  
Liabilities, Preferred Stock and Stockholders' Equity (Deficit)
Current liabilities
Accounts payable
$53,103  $61,196  
Accrued expenses
25,192  39,515  
Reserve for sales returns and allowances32,312  38,365  
Income taxes payable502  2,492  
Short term operating lease liabilities9,632  9,451  
Short term debt, net1,772  1,905  
Total current liabilities122,513  152,924  
Long term operating lease liabilities20,743  25,632  
Debt, non-current portion, net of issuance costs and debt discounts174,164  174,962  
Other liabilities3,333  5,409  
Income taxes payable1,491  1,565  
Deferred income taxes, net226  226  
Total liabilities322,470  360,718  
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 200,000 shares issued and outstanding at June 30, 2020 and December 31, 2019
1,102  483  
Stockholders' Equity (Deficit)*
Common stock, $0.001 par value; 100,000,000 shares authorized; 4,239,578 and 3,521,037 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively*
5  4  
Additional paid-in capital *210,152  200,507  
Accumulated deficit
(218,463) (183,149) 
Accumulated other comprehensive loss
(15,975) (14,422) 
Total JAKKS Pacific, Inc. stockholders' equity (deficit) *(24,281) 2,940  
Non-controlling interests
1,129  1,081  
Total stockholders' equity (deficit) *(23,152) 4,021  
Total liabilities, preferred stock and stockholders' equity (deficit)$300,420  $365,222  
* After giving effect to a 1 for 10 reverse stock split effective July 9, 2020.
See accompanying notes to condensed consolidated financial statements.
3


JAKKS PACIFIC, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data)
 Three Months Ended June 30, (Unaudited)Six Months Ended June 30, (Unaudited)
 2020201920202019
Net sales$78,758  $95,182  $145,315  $166,008  
Cost of sales61,988  77,436  112,195  133,922  
Gross profit16,770  17,746  33,120  32,086  
Selling, general and administrative expenses24,664  33,870  57,000  69,136  
Restructuring charge1,631  22  1,631  270  
Pandemic related charges221    221    
Acquisition related and other  2,503    5,370  
Loss from operations(9,746) (18,649) (25,732) (42,690) 
Income from joint ventures    2    
Other income (expense), net16  (242) 54  (159) 
Change in fair value of preferred stock derivative liability1    2,083    
Change in fair value of convertible senior notes(7,727) (106) (52) (2,529) 
Interest income3  20  17  47  
Interest expense(5,543) (2,919) (11,090) (5,937) 
Loss before provision for income taxes(22,996) (21,896) (34,718) (51,268) 
Provision for income taxes272  589  548  344  
Net loss(23,268) (22,485) (35,266) (51,612) 
Net income attributable to non-controlling interests8  57  48  88  
Net loss attributable to JAKKS Pacific, Inc.$(23,276) $(22,542) $(35,314) $(51,700) 
Net loss attributable to common stockholders$(23,588) $(22,542) $(35,933) $(51,700) 
Loss per share - basic and diluted*$(7.70) $(9.55) $(11.81) $(21.93) 
Shares used in loss per share - basic and diluted*3,064  2,360  3,043  2,358  
Comprehensive loss$(23,187) $(22,935) $(36,819) $(50,759) 
Comprehensive loss attributable to JAKKS Pacific, Inc.$(23,195) $(22,992) $(36,867) $(50,847) 
* After giving effect to a 1 for 10 reverse stock split effective July 9, 2020.
See accompanying notes to condensed consolidated financial statements.
4

Table of Contents
JAKKS PACIFIC, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(In thousands)

Three and Six Months Ended June 30, 2020
 (Unaudited)
 Common Stock*Treasury
Stock
Additional
Paid-in
Capital*
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
JAKKS
Pacific, Inc.
Stockholders’
Equity (Deficit)*
Non-
Controlling
Interests
Total Stockholders'
Equity (Deficit)*
Balance, December 31, 2019$4  $  $200,507  $(183,149) $(14,422) $2,940  $1,081  $4,021  
Stock-based compensation expense—  —  252  —  —  252  —  252  
Repurchase of common stock for employee tax withholding—  —  (172) —  —  (172) —  (172) 
Preferred stock accrued dividends—  —  (307) —  —  (307) —  (307) 
Net income (loss)—  —  —  (12,038) —  (12,038) 40  (11,998) 
Foreign currency translation adjustment—  —  —  —  (1,634) (1,634) —  (1,634) 
Balance, March 31, 2020$4  $  $200,280  $(195,187) $(16,056) $(10,959) $1,121  $(9,838) 
Conversion of convertible senior notes1  —  9,472  —  —  9,473  —  9,473  
Stock-based compensation expense—  —  714  —  —  714  —  714  
Repurchase of common stock for employee tax withholding—  —  (2) —  —  (2) —  (2) 
Preferred stock accrued dividends—  —  (312) —  —  (312) —  (312) 
Net income (loss)—  —  —  (23,276) —  (23,276) 8  (23,268) 
Foreign currency translation adjustment—  —  —  —  81  81  —  81  
Balance, June 30, 2020$5  $  $210,152  $(218,463) $(15,975) $(24,281) $1,129  $(23,152) 

Three and Six Months Ended June 30, 2019
 (Unaudited)
 Common Stock*Treasury
Stock
Additional
Paid-in
Capital*
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
JAKKS
Pacific, Inc.
Stockholders’
Equity (Deficit)*
Non-
Controlling
Interests
Total Stockholders'
Equity (Deficit)*
Balance, December 31, 2018$3  $(24,000) $218,182  $(127,601) $(15,847) $50,737  $912  $51,649  
Stock-based compensation expense—  —  618  —  —  618  —  618  
Repurchase of common stock for employee tax withholding—  —  (249) —  —  (249) —  (249) 
Net income (loss)—  —  —  (29,158) —  (29,158) 31  (29,127) 
Foreign currency translation adjustment—  —  —  —  1,303  1,303  —  1,303  
Balance, March 31, 2019$3  $(24,000) $218,551  $(156,759) $(14,544) $23,251  $943  $24,194  
Stock-based compensation expense—  —  397  —  —  397  —  397  
Repurchase of common stock for employee tax withholding—  —  (24) —  —  (24) —  (24) 
Net income (loss)—  —  —  (22,542) —  (22,542) 57  (22,485) 
Foreign currency translation adjustment—  —  —  —  (450) (450) —  (450) 
Balance, June 30, 2019$3  $(24,000) $218,924  $(179,301) $(14,994) $632  $1,000  $1,632  
* After giving effect to a 1 for 10 reverse stock split effective July 9, 2020.

See accompanying notes to condensed consolidated financial statements.
5

Table of Contents

JAKKS PACIFIC, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
Six Months Ended June 30,
(Unaudited)
 
20202019
Cash flows from operating activities
 
 
Net loss
$(35,266) $(51,612) 
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for doubtful accounts
423  (248) 
Depreciation and amortization
4,461