JAKKS PACIFIC INC
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| (Unaudited) | ||
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(14,225) | $(5,318) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Provision for credit losses | 1,126 | 380 |
| Depreciation and amortization | 1,514 | 1,191 |
| Write-off and amortization of debt discount | — | 692 |
| Write-off and amortization of debt issuance costs | 79 | 399 |
| Share-based compensation expense | 2,575 | 2,089 |
| Gain on disposal of property and equipment | 2 | (18) |
| Deferred income taxes | 1 | — |
| Change in fair value of preferred stock derivative liability | — | (147) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 42,796 | 17,220 |
| Inventory | 6,306 | 16,631 |
| Prepaid expenses and other assets | (11,199) | (6,515) |
| Accounts payable | (10,489) | (4,704) |
| Accounts payable - Meisheng (related party) | (3,637) | (2,073) |
| Accrued expenses | (13,521) | (10,992) |
| Reserve for sales returns and allowances | (10,672) | (10,813) |
| Income taxes payable | (3,735) | (1,912) |
| Other liabilities | 216 | (226) |
| Total adjustments | 1,362 | 1,202 |
| Net cash used in operating activities | (12,863) | (4,116) |
| Cash flows from investing activities | ||
| Purchases of property and equipment | (2,228) | (3,490) |
| Investments in employee deferred compensation trusts | (1,407) | — |
| Proceeds from sale of property and equipment | 1 | 18 |
| Net cash used in investing activities | (3,634) | (3,472) |
| Cash flows from financing activities | ||
| Repurchase of common stock for employee tax withholding | — | (1,214) |
| Redemption of preferred stock | (20,000) | — |
| Repayment of 2021 BSP Term Loan | — | (38,719) |
| Net cash used in financing activities | (20,000) | (39,933) |
| Net decrease in cash, cash equivalents and restricted cash | (36,497) | (47,521) |
| Effect of foreign currency translation | (565) | 332 |
| Cash, cash equivalents and restricted cash, beginning of period | 72,554 | 85,490 |
| Cash, cash equivalents and restricted cash, end of period | $35,492 | $38,301 |
| Supplemental disclosures of non-cash activities: | ||
| Right-of-use assets exchanged for lease liabilities | $3,532 | $— |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for income taxes, net | $1,312 | $550 |
| Cash paid for interest | $36 | $1,906 |
As of March 31, 2024 and 2023, there was $3.1 million and $2.6 million, respectively, of property and equipment purchases included in accounts payable.
As of March 31, 2024 and 2023, the Company had accrued $5.1 million andnil, respectively, for repurchases of common stock for employee tax withholding.
See Notes 5, 6 and 9 for additional supplemental information to the condensed consolidated statements of cash flows.
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