Funko Reports 2025 Fourth-Quarter, Full-Year Financial Results; Provides Full-Year Outlook for 2026
Q4 Net Sales Exceed Expectations, Gross Margin and Adjusted EBITDA at High End of Expectations
Everett, WA — Funko reported its consolidated financial results for the fourth quarter and full year ended December 31, 2025. The company also provided financial guidance for the 2026 first quarter and full year.
Fourth-Quarter Financial Results Summary: 2025 vs 2024
- Net sales were $273.1 million compared with $293.7 million
- Gross profit was $111.6 million, equal to gross margin of 40.9%, compared with $124.4 million, equal to gross margin of 42.4%
- SG&A expenses were $90.9 million compared with $102.8 million
- Net loss was $0.2 million, or $0.00 per share, compared with $1.5 million, or $0.03 per share
- Adjusted net income* was $2.5 million, or $0.05 per diluted share*, compared with $4.4 million, or $0.08 per diluted share*
- Adjusted EBITDA* was $23.3 million compared with $26.3 million
Full-Year Financial Results Summary: 2025 vs 2024
- Net sales were $908.2 million compared with $1.05 billion
- Gross profit was $351.3 million, equal to gross margin of 38.7%. This compares with $434.5 million, equal to gross margin of 41.4%
- SG&A expenses were $337.7 million compared with $359.0 million
- Net loss was $67.4 million, or $1.24 per share, compared with $14.7 million, or $0.28 per share
- Adjusted net loss* was $38.8 million, or $0.70 per diluted share*, versus adjusted net income* of $8.7 million, or $0.16 per share*
- Adjusted EBITDA* was $26.6 million compared with $94.7 million
“We closed the year with two consecutive quarters of solid financial results,” said Josh Simon, Chief Executive Officer of Funko. “Our fourth quarter performance was driven by strong sales of entertainment properties, notably KPop Demon Hunters and Stranger Things, as well as our Bitty Pop! franchise and the launch of Pop! Yourself in Europe.
“Turning to our balance sheet, we reduced our inventory levels and paid down $16 million of debt in Q4. And, as previously announced, we reached an agreement with our lender group to amend our credit agreement, which extends the maturity to December 31, 2027 and provides us with the financial flexibility to deliver on our long-term plans.
“Looking ahead, we’re excited about the 2026 entertainment slate and executing our ‘Make Culture POP!’ strategy — winning the moments that shape culture, scaling storytelling across new products and platforms, expanding our touchpoints with fans and driving profitable growth.”
Fourth Quarter 2025 Net Sales by Category and Geography
The tables below show the breakdown of net sales on a brand category and geographical basis (in thousands):
|
|
|
Three Months Ended December 31, |
|
Period Over Period Change |
|||||||||
|
|
|
|
2025 |
|
|
2024 |
|
Dollar |
|
Percentage |
|||
|
Net sales by product brand: |
|
|
|
|
|
|
|
|
|||||
|
Core Collectible |
|
$ |
220,957 |
|
$ |
232,703 |
|
$ |
(11,746 |
) |
|
(5.0 |
)% |
|
Loungefly |
|
|
43,125 |
|
|
42,364 |
|
|
761 |
|
|
1.8 |
% |
|
Other |
|
|
9,014 |
|
|
18,662 |
|
|
(9,648 |
) |
|
(51.7 |
)% |
|
Total net sales |
|
$ |
273,096 |
|
$ |
293,729 |
|
$ |
(20,633 |
) |
|
(7.0 |
)% |
|
|
|
Three Months Ended December 31, |
|
Period Over Period Change |
|||||||||
|
|
|
|
2025 |
|
|
2024 |
|
Dollar |
|
Percentage |
|||
|
Net sales by geography: |
|
|
|
|
|
|
|
|
|||||
|
United States |
|
$ |
156,719 |
|
$ |
178,183 |
|
$ |
(21,464 |
) |
|
(12.0 |
)% |
|
Europe |
|
|
96,238 |
|
|
94,694 |
|
|
1,544 |
|
|
1.6 |
% |
|
Other International |
|
|
20,139 |
|
|
20,852 |
|
|
(713 |
) |
|
(3.4 |
)% |
|
Total net sales |
|
$ |
273,096 |
|
$ |
293,729 |
|
$ |
(20,633 |
) |
|
(7.0 |
)% |
Balance Sheet Highlights – At December 31, 2025 vs December 31, 2024
- Total cash and cash equivalents were $42.1 million at December 31, 2025 versus $34.7 million at December 31, 2024
- Inventories were $83.1 million at December 31, 2025 versus $92.6 million at December 31, 2024
- Total debt was $225.3 million at December 31, 2025 versus $182.8 million at December 31, 2024. Total debt includes the amount outstanding under the company’s term loan facility, net of unamortized discounts, revolving line of credit and the company’s equipment finance loan
Outlook for 2026
The company provided its 2026 full-year outlook and 2026 first-quarter guidance, which assumes ongoing tariff rates of approximately 15%, as follows:
|
|
Current Outlook |
|
|
2026 Full Year |
|
|
|
Net Sales |
flat to up 3% vs 2025 |
|
|
Gross Margin % |
~41% to 43% |
|
|
Adjusted EBITDA* |
$70 million to $80 million |
|
|
|
|
|
|
2026 First Quarter |
|
|
|
Net sales |
flat to down 2% vs Q1 2025 |
|
|
Gross margin % |
~41% to 43% |
|
|
Adjusted EBITDA* |
~breakeven |
*Adjusted net income (loss), adjusted net income (loss) per diluted share and adjusted EBITDA are non-GAAP financial measures. For a reconciliation of historical adjusted net income (loss), adjusted income (loss) per diluted share, and adjusted EBITDA, to the most directly comparable U.S. GAAP financial measures, please refer to the “Non-GAAP Financial Measures” section of this press release. A reconciliation of adjusted net income (loss), adjusted net income (loss) per diluted share and adjusted EBITDA outlook to the corresponding GAAP measure on a forward-looking basis cannot be provided without unreasonable efforts, as we are unable to provide reconciling information with respect to certain items. However, for the first quarter of 2026 the company expects equity-based compensation of approximately $4 million, depreciation and amortization of approximately $15 million and interest expense of approximately $5 million. For the full year 2026, the company expects equity-based compensation of approximately $15 million, depreciation and amortization of approximately $60 million and interest expense of approximately $18 million, each of which is a reconciling item to net loss. See “Use of Non-GAAP Financial Measures” and the attached reconciliations for more information.
|
Funko, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) |
|||||||||||||||
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
(in thousands, except per share data) |
||||||||||||||
|
Net sales |
$ |
273,096 |
|
|
$ |
293,729 |
|
|
$ |
908,209 |
|
|
$ |
1,049,850 |
|
|
Cost of sales (exclusive of depreciation and amortization shown separately below) |
|
161,489 |
|
|
|
169,326 |
|
|
|
556,940 |
|
|
|
615,318 |
|
|
Selling, general, and administrative expenses |
|
90,855 |
|
|
|
102,804 |
|
|
|
337,715 |
|
|
|
358,958 |
|
|
Depreciation and amortization |
|
14,778 |
|
|
|
16,174 |
|
|
|
59,097 |
|
|
|
62,583 |
|
|
Total operating expenses |
|
267,122 |
|
|
|
288,304 |
|
|
|
953,752 |
|
|
|
1,036,859 |
|
|
Income (loss) from operations |
|
5,974 |
|
|
|
5,425 |
|
|
|
(45,543 |
) |
|
|
12,991 |
|
|
Interest expense, net |
|
5,199 |
|
|
|
4,212 |
|
|
|
19,181 |
|
|
|
20,575 |
|
|
Other (income) expense, net |
|
(481 |
) |
|
|
928 |
|
|
|
(785 |
) |
|
|
2,922 |
|
|
Income (loss) before income taxes |
|
1,256 |
|
|
|
285 |
|
|
|
(63,939 |
) |
|
|
(10,506 |
) |
|
Income tax expense |
|
1,436 |
|
|
|
1,705 |
|
|
|
4,356 |
|
|
|
4,564 |
|
|
Net loss |
|
(180 |
) |
|
|
(1,420 |
) |
|
|
(68,295 |
) |
|
|
(15,070 |
) |
|
Less: net income (loss) attributable to non-controlling interests |
|
3 |
|
|
|
80 |
|
|
|
(935 |
) |
|
|
(352 |
) |
|
Net loss attributable to Funko, Inc. |
$ |
(183 |
) |
|
$ |
(1,500 |
) |
|
$ |
(67,360 |
) |
|
$ |
(14,718 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Loss per share of Class A common stock: |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
— |
|
|
$ |
(0.03 |
) |
|
$ |
(1.24 |
) |
|
$ |
(0.28 |
) |
|
Diluted |
$ |
— |
|
|
$ |
(0.03 |
) |
|
$ |
(1.24 |
) |
|
$ |
(0.28 |
) |
|
Weighted average shares of Class A common stock outstanding: |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
54,988 |
|
|
|
52,826 |
|
|
|
54,387 |
|
|
|
52,043 |
|
|
Diluted |
|
55,501 |
|
|
|
52,826 |
|
|
|
54,387 |
|
|
|
52,043 |
|
|
Funko, Inc. and Subsidiaries Condensed Consolidated Balance Sheets |
|||||||
|
|
December 31, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
(in thousands, except per share data) |
||||||
|
Assets |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
42,148 |
|
|
$ |
34,655 |
|
|
Accounts receivable, net |
|
117,018 |
|
|
|
119,882 |
|
|
Inventories |
|
83,136 |
|
|
|
92,580 |
|
|
Prepaid expenses and other current assets |
|
48,094 |
|
|
|
39,942 |
|
|
Total current assets |
|
290,396 |
|
|
|
287,059 |
|
|
Property and equipment, net |
|
68,679 |
|
|
|
78,357 |
|
|
Operating lease right-of-use assets, net |
|
46,928 |
|
|
|
52,846 |
|
|
Goodwill |
|
133,900 |
|
|
|
133,652 |
|
|
Intangible assets, net |
|
135,826 |
|
|
|
151,547 |
|
|
Other assets |
|
9,505 |
|
|
|
3,793 |
|
|
Total assets |
$ |
685,234 |
|
|
$ |
707,254 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Current portion of revolving credit facility |
$ |
1,125 |
|
|
$ |
60,000 |
|
|
Current portion of term debt |
|
21,932 |
|
|
|
22,512 |
|
|
Current portion of operating lease liabilities |
|
18,792 |
|
|
|
17,102 |
|
|
Accounts payable |
|
64,748 |
|
|
|
63,130 |
|
|
Accrued royalties |
|
59,821 |
|
|
|
61,362 |
|
|
Accrued expenses and other current liabilities |
|
77,499 |
|
|
|
81,688 |
|
|
Total current liabilities |
|
243,917 |
|
|
|
305,794 |
|
|
Long-term debt |
|
202,246 |
|
|
|
100,303 |
|
|
Operating lease liabilities |
|
48,680 |
|
|
|
60,390 |
|
|
Other long-term liabilities |
|
4,261 |
|
|
|
4,414 |
|
|
Commitments and contingencies |
|
|
|
||||
|
Stockholders’ equity: |
|
|
|
||||
|
Class A common stock, par value $0.0001 per share, 200,000 shares authorized; 55,327 shares and 52,967 shares issued and outstanding as of December 31, 2025 and 2024, respectively |
|
5 |
|
|
|
5 |
|
|
Class B common stock, par value $0.0001 per share, 50,000 shares authorized; 91 shares and 1,430 shares issued and outstanding as of December 31, 2025 and 2024, respectively |
|
— |
|
|
|
— |
|
|
Additional paid-in-capital |
|
357,330 |
|
|
|
343,472 |
|
|
Accumulated other comprehensive income (loss) |
|
4,621 |
|
|
|
(1,676 |
) |
|
Accumulated deficit |
|
(176,142 |
) |
|
|
(108,782 |
) |
|
Total stockholders’ equity attributable to Funko, Inc. |
|
185,814 |
|
|
|
233,019 |
|
|
Non-controlling interests |
|
316 |
|
|
|
3,334 |
|
|
Total stockholders’ equity |
|
186,130 |
|
|
|
236,353 |
|
|
Total liabilities and stockholders’ equity |
$ |
685,234 |
|
|
$ |
707,254 |
|
|
Funko, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows |
|||||||||||
|
|
Year Ended December 31, |
||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands) |
||||||||||
|
Operating Activities |
|
|
|
|
|
||||||
|
Net loss |
$ |
(68,295 |
) |
|
$ |
(15,070 |
) |
|
$ |
(164,438 |
) |
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|
|
|
|
|
||||||
|
Depreciation and amortization |
|
59,097 |
|
|
|
62,583 |
|
|
|
57,389 |
|
|
Equity-based compensation |
|
11,536 |
|
|
|
13,602 |
|
|
|
10,534 |
|
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
494 |
|
|
Gain on tax receivable agreement liability adjustment |
|
— |
|
|
|
— |
|
|
|
(100,223 |
) |
|
Deferred tax (benefit) expense |
|
— |
|
|
|
(57 |
) |
|
|
123,124 |
|
|
Other, net |
|
(1,877 |
) |
|
|
3,722 |
|
|
|
5,364 |
|
|
Changes in operating assets and liabilities, net of amounts acquired: |
|
|
|
|
|
||||||
|
Accounts receivable, net |
|
6,192 |
|
|
|
9,624 |
|
|
|
40,513 |
|
|
Inventories |
|
11,812 |
|
|
|
26,216 |
|
|
|
122,479 |
|
|
Prepaid expenses and other assets |
|
(3,437 |
) |
|
|
17,076 |
|
|
|
(1,969 |
) |
|
Accounts payable |
|
426 |
|
|
|
9,280 |
|
|
|
(17,968 |
) |
|
Income taxes payable |
|
(274 |
) |
|
|
(597 |
) |
|
|
75 |
|
|
Accrued royalties |
|
(1,542 |
) |
|
|
6,987 |
|
|
|
(14,723 |
) |
|
Accrued expenses and other liabilities |
|
(18,758 |
) |
|
|
(9,842 |
) |
|
|
(29,716 |
) |
|
Net cash (used in) provided by operating activities |
|
(5,120 |
) |
|
|
123,524 |
|
|
|
30,935 |
|
|
|
|
|
|
|
|
||||||
|
Investing Activities |
|
|
|
|
|
||||||
|
Purchase of property and equipment |
$ |
(32,965 |
) |
|
$ |
(32,791 |
) |
|
$ |
(35,131 |
) |
|
Acquisitions of business and intangible assets, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
(5,364 |
) |
|
Sale of Funko Games inventory and certain intellectual property |
|
— |
|
|
|
6,754 |
|
|
|
— |
|
|
Other, net |
|
1,063 |
|
|
|
809 |
|
|
|
699 |
|
|
Net cash used in investing activities |
|
(31,902 |
) |
|
|
(25,228 |
) |
|
|
(39,796 |
) |
|
|
|
|
|
|
|
||||||
|
Financing Activities |
|
|
|
|
|
||||||
|
Borrowings on revolving credit facility |
$ |
85,000 |
|
|
$ |
40,000 |
|
|
$ |
71,000 |
|
|
Payments on revolving credit facility |
|
(20,000 |
) |
|
|
(100,500 |
) |
|
|
(20,500 |
) |
|
Payment of term debt |
|
(23,134 |
) |
|
|
(31,104 |
) |
|
|
(22,581 |
) |
|
Distributions to continuing equity owners |
|
— |
|
|
|
— |
|
|
|
(1,118 |
) |
|
Payments under tax receivable agreement |
|
— |
|
|
|
(8,960 |
) |
|
|
(4 |
) |
|
Other, net |
|
171 |
|
|
|
1,322 |
|
|
|
(1,201 |
) |
|
Net cash provided by (used in) financing activities |
|
42,037 |
|
|
|
(99,242 |
) |
|
|
25,596 |
|
|
|
|
|
|
|
|
||||||
|
Effect of exchange rates on cash and cash equivalents |
|
2,478 |
|
|
|
(852 |
) |
|
|
518 |
|
|
|
|
|
|
|
|
||||||
|
Net change in cash and cash equivalents |
|
7,493 |
|
|
|
(1,798 |
) |
|
|
17,253 |
|
|
Cash and cash equivalents at beginning of period |
|
34,655 |
|
|
|
36,453 |
|
|
|
19,200 |
|
|
Cash and cash equivalents at end of period |
$ |
42,148 |
|
|
$ |
34,655 |
|
|
$ |
36,453 |
|
|
|
|
|
|
|
|
||||||
|
Supplemental Cash Flow Information |
|
|
|
|
|
||||||
|
Cash paid for interest |
$ |
18,343 |
|
|
$ |
20,953 |
|
|
$ |
24,635 |
|
|
Income tax payments |
|
5,355 |
|
|
|
3,899 |
|
|
|
1,059 |
|
|
Establishment of liabilities under tax receivable agreement |
|
— |
|
|
|
547 |
|
|
|
— |
|
The following tables reconcile the Non-GAAP Financial Measures to the most directly comparable U.S. GAAP financial performance measure, which is net loss, for the periods presented:
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
(in thousands, except per share data) |
||||||||||||||
|
Net loss attributable to Funko, Inc. |
$ |
(183 |
) |
|
$ |
(1,500 |
) |
|
$ |
(67,360 |
) |
|
$ |
(14,718 |
) |
|
Reallocation of net income (loss) attributable to non-controlling interests from the assumed exchange of common units of FAH, LLC for Class A common stock(1) |
|
3 |
|
|
|
80 |
|
|
|
(935 |
) |
|
|
(352 |
) |
|
Equity-based compensation(2) |
|
2,630 |
|
|
|
3,072 |
|
|
|
11,536 |
|
|
|
13,602 |
|
|
Acquisition transaction costs and other expenses (3) |
|
(302 |
) |
|
|
1,583 |
|
|
|
727 |
|
|
|
3,449 |
|
|
Certain severance, relocation and related costs(4) |
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
2,093 |
|
|
Foreign currency transaction loss (5) |
|
208 |
|
|
|
380 |
|
|
|
405 |
|
|
|
2,398 |
|
|
Tax receivable agreement liability adjustments(6) |
|
(427 |
) |
|
|
547 |
|
|
|
(427 |
) |
|
|
547 |
|
|
Income tax effect of adjustments and valuation allowance reversal (7) |
|
595 |
|
|
|
235 |
|
|
|
17,281 |
|
|
|
1,668 |
|
|
Adjusted net income (loss) |
$ |
2,524 |
|
|
$ |
4,409 |
|
|
$ |
(38,773 |
) |
|
$ |
8,687 |
|
|
Adjusted net income (loss) margin(8) |
|
0.9 |
% |
|
|
1.5 |
% |
|
|
(4.3 |
)% |
|
|
0.8 |
% |
|
Weighted-average shares of Class A common stock outstanding-basic |
|
54,988 |
|
|
|
52,826 |
|
|
|
54,387 |
|
|
|
52,043 |
|
|
Equity-based compensation awards and common units of FAH, LLC that are convertible into Class A common stock |
|
513 |
|
|
|
1,653 |
|
|
|
768 |
|
|
|
2,049 |
|
|
Adjusted weighted-average shares of Class A stock outstanding – diluted |
|
55,501 |
|
|
|
54,479 |
|
|
|
55,155 |
|
|
|
54,092 |
|
|
Adjusted earnings (loss) per diluted share |
$ |
0.05 |
|
|
$ |
0.08 |
|
|
$ |
(0.70 |
) |
|
$ |
0.16 |
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
(in thousands) |
||||||||||||||
|
Net loss |
$ |
(180 |
) |
|
$ |
(1,420 |
) |
|
$ |
(68,295 |
) |
|
$ |
(15,070 |
) |
|
Interest expense, net |
|
5,199 |
|
|
|
4,212 |
|
|
|
19,181 |
|
|
|
20,575 |
|
|
Income tax expense |
|
1,436 |
|
|
|
1,705 |
|
|
|
4,356 |
|
|
|
4,564 |
|
|
Depreciation and amortization |
|
14,778 |
|
|
|
16,174 |
|
|
|
59,097 |
|
|
|
62,583 |
|
|
EBITDA |
$ |
21,233 |
|
|
$ |
20,671 |
|
|
$ |
14,339 |
|
|
$ |
72,652 |
|
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
|
Equity-based compensation(2) |
|
2,630 |
|
|
|
3,072 |
|
|
|
11,536 |
|
|
|
13,602 |
|
|
Acquisition transaction costs and other expenses(3) |
|
(302 |
) |
|
|
1,583 |
|
|
|
727 |
|
|
|
3,449 |
|
|
Certain severance, relocation and related costs(4) |
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
2,093 |
|
|
Foreign currency transaction loss (gain)(5) |
|
208 |
|
|
|
380 |
|
|
|
405 |
|
|
|
2,398 |
|
|
Tax receivable agreement liability adjustments(6) |
|
(427 |
) |
|
|
547 |
|
|
|
(427 |
) |
|
|
547 |
|
|
Adjusted EBITDA |
$ |
23,342 |
|
|
$ |
26,265 |
|
|
$ |
26,580 |
|
|
$ |
94,741 |
|
|
Adjusted EBITDA margin(9) |
|
8.5 |
% |
|
|
8.9 |
% |
|
|
2.9 |
% |
|
|
9.0 |
% |
|
(1) |
Represents the reallocation of net income (loss) attributable to non-controlling interests from the assumed exchange of common units of FAH, LLC in periods in which income was attributable to non-controlling interests. |
|
|
(2) |
Represents non-cash charges related to equity-based compensation programs, which vary from period to period depending on timing of awards. |
|
|
(3) |
For the three months ended December 31, 2025, includes gain on the sale of certain assets held for sale. For the year ended December 31, 2025, includes gain on sale and charges related to fair market value adjustments for certain assets held for sale. For the three months ended December 31, 2024, includes charges related to fair market value adjustments of certain assets held for sale, related to a potential business initiative. For the year ended December 31, 2024, includes a net one-time legal settlement gain of $1.4 million related to a previously-disclosed Loungefly customs-related matter and costs of $4.8 million related to contract settlement agreements and related services for assets held for sale (including fair market value adjustments of $1.3 million) related to a potential business initiative and the sale of certain assets under Funko Games. |
|
|
(4)
|
Represents certain severance, relocation and related costs. For the three months ended December 31, 2024, includes true up severance and benefit costs for certain management departures. For the year ended December 31, 2024, includes severance and benefit costs related to certain management departures of $2.1 million. |
|
|
(5) |
Represents both unrealized and realized foreign currency losses (gains) on transactions other than in U.S. dollars. |
|
|
(6) |
Represents recognized adjustments to the tax receivable agreement liability. |
|
|
(7) |
Represents the income tax expense (benefit) effect of the above adjustments including adding back the valuation allowance related to the net loss. This adjustment uses an effective tax rate of 25% for all periods presented. |
|
|
(8) |
Adjusted net income (loss) margin is calculated as Adjusted net income (loss) as a percentage of net sales. |
|
|
(9) |
Adjusted EBITDA margin is calculated as Adjusted EBITDA as a percentage of net sales. |
