JAKKS PACIFIC INC
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 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)
| Nine Months Ended September 30, | ||
|---|---|---|
| (Unaudited) | ||
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net income | $43,313 | $48,985 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Provision for credit losses | 1,687 | 983 |
| Depreciation and amortization | 7,737 | 6,231 |
| Write-off and amortization of debt discount | — | 714 |
| Write-off and amortization of debt issuance costs | 237 | 567 |
| Share-based compensation expense | 7,280 | 5,970 |
| Loss on disposal of property and equipment | 115 | 5 |
| Loss on debt extinguishment | — | 1,023 |
| Deferred income taxes | — | (52) |
| Change in fair value of preferred stock derivative liability | — | 6,668 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (168,314) | (104,963) |
| Inventory | (10,862) | 11,787 |
| Prepaid expenses and other assets | (121) | (378) |
| Accounts payable | 56,085 | 60,931 |
| Accounts payable - Meisheng (related party) | 22,382 | 17,622 |
| Accrued expenses | 26,158 | 27,611 |
| Reserve for sales returns and allowances | 2,306 | (8,365) |
| Income taxes payable | (3,507) | 9,322 |
| Other liabilities | 323 | 3,009 |
| Total adjustments | (58,494) | 38,685 |
| Net cash provided by (used in) operating activities | (15,181) | 87,670 |
| Cash flows from investing activities | ||
| Purchases of property and equipment | (7,344) | (5,713) |
| Investments in employee deferred compensation trusts | (1,647) | — |
| Proceeds from sale of property and equipment | 2 | 37 |
| Net cash used in investing activities | (8,989) | (5,676) |
| Cash flows from financing activities | ||
| Repurchase of common stock for employee tax withholding | (6,461) | (2,493) |
| Repayment of credit facility borrowings | (63,000) | (10,000) |
| Proceeds from credit facility borrowings | 63,000 | 10,000 |
| Redemption of preferred stock | (20,000) | — |
| Repayment of 2021 BSP Term Loan | — | (69,218) |
| Net cash used in financing activities | (26,461) | (71,711) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (50,631) | 10,283 |
| Effect of foreign currency translation | 361 | 674 |
| Cash, cash equivalents and restricted cash, beginning of period | 72,554 | 85,490 |
| Cash, cash equivalents and restricted cash, end of period | $22,284 | $96,447 |
| Supplemental disclosures of non-cash activities: | ||
| Right-of-use assets exchanged for lease liabilities | $5,551 | $1,461 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | $452 | $4,141 |
| Cash paid for income taxes, net | $14,866 | $3,215 |
As of September 30, 2024 and 2023, there was $4.1 million and $3.9 million, respectively, of property and equipment purchases included in accounts payable.
See Notes 5, 6 and 9 for additional supplemental information to the condensed consolidated statements of cash flows.
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