Jakks Pacific Reports Second Quarter 2024 Financial Results
Santa Monica, CA — Jakks Pacific reported financial results for the second quarter ended June 30, 2024.
First-half net sales for Jakks Pacific, Inc. were $238.7 million, a year-over-year decrease of 13.0%, primarily attributable to a lack of new content-related product launches, which occurred in the first half of last year.
Second Quarter 2024 Overview
- Net sales were $148.6 million, a year-over-year decrease of 11.0%
- Toys/Consumer Products net sales were $104.6 million, a year-over-year decrease of 11.3%
- Costumes net sales were $44.0 million, a year-over-year decrease of 10.1%
- Gross profit was $47.6 million, a year-over-year decrease of 7.1% from $51.2 million
- Gross margin was 32.0%, up 130 basis points vs. Q2 2023
- Operating income was $7.6 million (5.1% of net sales) vs. $16.4 million (9.9% of net sales) in Q2 2023
- Net income attributable to common stockholders was $5.3 million or $0.47 per diluted share, compared to net income attributable to common stockholders of $6.1 million or $0.58 per share in Q2 2023
- Adjusted net income attributable to common stockholders (a non-GAAP measure) was $7.3 million or $0.65 per diluted share, compared to an adjusted net income attributable to common stockholders of $13.3 million or $1.26 per diluted share in Q2 2023
- Adjusted EBITDA (a non-GAAP measure) was $12.3 million, vs. $20.7 million in Q2 2023
- Trailing twelve month adjusted EBITDA was $51.2 million (7.6% of net sales) down 23% from $66.9 million (9.2% of net sales) in the trailing twelve months ended June 2023
Management Commentary
“The first half of 2024 closes with our delivering solid results anchored by our evergreen business of time-tested toy categories and play patterns,” said Stephen Berman, CEO of JAKKS Pacific, Inc. “A lack of new content releases created unfavorable topline comparisons with prior year, but our base business continued to perform and adapt in an ever-changing marketplace.
“We are pleased with our progress to date and our positioning and preparation for the new product we’re shipping in the latter half of the year. Exciting new launches supporting Moana 2, releasing in theatres this November, and Sonic the Hedgehog™ 3, releasing in theaters this December will be the cornerstones of the broad retail support we have secured with our top customers globally. We are also in the middle of the exciting initial launch of our new line of products inspired by “The Simpsons,” the launch of our Authentic Brands Group business as well as several other new IP and category extensions.”
Second Quarter 2024 Highlights
The Dolls, Role-Play/Dress-Up division generated net sales of $63.6 million, up 6.6% from $59.7 million last year. The Action Play & Collectibles division generated net sales of $36.6 million, down 30.5% from $52.6 million last year.
For the first half, North America was down 8%, attributable to the impact of lower contribution from product lines launched in support of new entertainment content and lower Costume sales. International was down 31%, primarily due to orders slipping into the following quarter due to logistics-related issues but also negatively impacted by the content slate comparison with the prior year.
Balance Sheet Highlights
The Company’s cash and cash equivalents (including restricted cash) totaled $17.9 million as of June 30, 2024, compared to $32.4 million as of June 30, 2023, and $72.6 million as of December 31, 2023.
Inventory totaled $51.3 million as of June 30, 2024, compared to $65.1 million as of June 30, 2023, and $52.6 million as of December 31, 2023.
| JAKKS Pacific, Inc. and Subsidiaries | |||||||||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||||||
| June 30, | December 31, | ||||||||||||||
| 2024 | 2023 | 2023 | |||||||||||||
| (In thousands) | |||||||||||||||
| Assets | |||||||||||||||
| Current assets: | |||||||||||||||
| Cash and cash equivalents | $ | 17,700 | $ | 32,228 | $ | 72,350 | |||||||||
| Restricted cash | 202 | 203 | 204 | ||||||||||||
| Accounts receivable, net | 140,006 | 132,479 | 123,797 | ||||||||||||
| Inventory | 51,327 | 65,059 | 52,647 | ||||||||||||
| Prepaid expenses and other assets | 26,457 | 11,227 | 6,374 | ||||||||||||
| Total current assets | 235,692 | 241,196 | 255,372 | ||||||||||||
| Property and equipment | 141,326 | 134,091 | 135,956 | ||||||||||||
| Less accumulated depreciation and amortization | 124,580 | 116,813 | 121,357 | ||||||||||||
| Property and equipment, net | 16,746 | 17,278 | 14,599 | ||||||||||||
| Operating lease right-of-use assets, net | 20,667 | 15,249 | 23,592 | ||||||||||||
| Deferred income tax assets, net | 68,141 | 57,804 | 68,143 | ||||||||||||
| Goodwill | 35,029 | 35,083 | 35,083 | ||||||||||||
| Other long-term assets | 1,976 | 2,331 | 2,162 | ||||||||||||
| Total assets | $ | 378,251 | $ | 368,941 | $ | 398,951 | |||||||||
| Liabilities, Preferred Stock and Stockholders’ Equity | |||||||||||||||
| Current liabilities: | |||||||||||||||
| Accounts payable | $ | 55,368 | $ | 57,768 | $ | 42,177 | |||||||||
| Accounts payable – Meisheng (related party) | 19,130 | 18,612 | 12,259 | ||||||||||||
| Accrued expenses | 45,026 | 46,448 | 45,102 | ||||||||||||
| Reserve for sales returns and allowances | 29,456 | 37,851 | 38,531 | ||||||||||||
| Income taxes payable | – | 5,808 | 3,785 | ||||||||||||
| Short term operating lease liabilities | 7,777 | 9,226 | 7,380 | ||||||||||||
| Short term debt, net | 5,000 | – | – | ||||||||||||
| Total current liabilities | 161,757 | 175,713 | 149,234 | ||||||||||||
| Long term operating lease liabilities | 14,859 | 6,220 | 16,666 | ||||||||||||
| Accrued expenses – long term | 2,299 | – | 3,746 | ||||||||||||
| Preferred stock derivative liability | – | 27,793 | 29,947 | ||||||||||||
| Income taxes payable | 3,441 | 2,971 | 3,245 | ||||||||||||
| Total liabilities | 182,356 | 212,697 | 202,838 | ||||||||||||
| Preferred stock accrued dividends | – | 5,230 | 5,992 | ||||||||||||
| Stockholders’ equity: | |||||||||||||||
| Common stock, $.001 par value | 11 | 10 | 10 | ||||||||||||
| Additional paid-in capital | 294,543 | 277,178 | 278,642 | ||||||||||||
| Accumulated deficit | (82,851 | ) | (110,876 | ) | (73,612 | ) | |||||||||
| Accumulated other comprehensive loss | (16,308 | ) | (16,021 | ) | (15,627 | ) | |||||||||
| Total JAKKS Pacific, Inc. stockholders’ equity | 195,395 | 150,291 | 189,413 | ||||||||||||
| Non-controlling interests | 500 | 723 | 708 | ||||||||||||
| Total stockholders’ equity | 195,895 | 151,014 | 190,121 | ||||||||||||
| Total liabilities, preferred stock and stockholders’ equity | $ | 378,251 | $ | 368,941 | $ | 398,951 | |||||||||
| Supplemental Balance Sheet and Cash Flow Data (Unaudited) | |||||||||||||||
| June 30, | |||||||||||||||
| Key Balance Sheet Data: | 2024 | 2023 | |||||||||||||
| Accounts receivable days sales outstanding (DSO) | 86 | 72 | |||||||||||||
| Inventory turnover (DSI) | 46 | 51 | |||||||||||||
| Six Months Ended June 30, | |||||||||||||||
| Condensed Cash Flow Data: | 2024 | 2023 | |||||||||||||
| Cash flows provided by (used in) operating activities | $ | (27,665 | ) | $ | 20,805 | ||||||||||
| Cash flows used in investing activities | (6,174 | ) | (4,893 | ) | |||||||||||
| Cash flows used in financing activities and other | (20,813 | ) | (68,971 | ) | |||||||||||
| Increase in cash, cash equivalents and restricted cash | $ | (54,652 | ) | $ | (53,059 | ) | |||||||||
| Capital expenditures | $ | (4,627 | ) | $ | (4,918 | ) | |||||||||
| JAKKS Pacific, Inc. and Subsidiaries | ||||||||||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
| 2024 | 2023 | Δ (%) | 2024 | 2023 | Δ (%) | |||||||||||||||||||
| (In thousands, except per share data) | (In thousands, except per share data) | |||||||||||||||||||||||
| Net sales | $ | 148,619 | $ | 166,933 | (11 | )% | $ | 238,695 | $ | 274,417 | (13 | )% | ||||||||||||
| Less: Cost of sales | ||||||||||||||||||||||||
| Cost of goods | 76,599 | 86,156 | (11 | ) | 130,420 | 144,460 | (10 | ) | ||||||||||||||||
| Royalty expense | 22,394 | 27,279 | (18 | ) | 36,170 | 43,933 | (18 | ) | ||||||||||||||||
| Amortization of tools and molds | 2,041 | 2,300 | (11 | ) | 3,468 | 3,389 | 2 | |||||||||||||||||
| Cost of sales | 101,034 | 115,735 | (13 | ) | 170,058 | 191,782 | (11 | ) | ||||||||||||||||
| Gross profit | 47,585 | 51,198 | (7 | ) | 68,637 | 82,635 | (17 | ) | ||||||||||||||||
| Direct selling expenses | 6,255 | 3,980 | 57 | 14,352 | 11,721 | 22 | ||||||||||||||||||
| General and administrative expenses | 33,594 | 30,677 | 10 | 67,786 | 58,671 | 16 | ||||||||||||||||||
| Depreciation and amortization | 93 | 93 | – | 180 | 195 | (8 | ) | |||||||||||||||||
| Selling, general and administrative expenses | 39,942 | 34,750 | 15 | 82,318 | 70,587 | 17 | ||||||||||||||||||
| Income (loss) from operations | 7,643 | 16,448 | (54 | ) | (13,681 | ) | 12,048 | nm | ||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||
| Loss from joint ventures | – | (565 | ) | nm | – | (565 | ) | nm | ||||||||||||||||
| Other income (expense), net | 72 | 38 | 89 | 210 | 476 | (56 | ) | |||||||||||||||||
| Change in fair value of preferred stock derivative liability | – | (6,022 | ) | nm | – | (5,875 | ) | nm | ||||||||||||||||
| Loss on debt extinguishment | – | (1,023 | ) | nm | – | (1,023 | ) | nm | ||||||||||||||||
| Interest income | 88 | 86 | 2 | 464 | 203 | 129 | ||||||||||||||||||
| Interest expense | (256 | ) | (1,302 | ) | (80 | ) | (399 | ) | (4,305 | ) | (91 | ) | ||||||||||||
| Income (loss) before provision for (benefit from) income taxes | 7,547 | 7,660 | (1 | ) | (13,406 | ) | 959 | nm | ||||||||||||||||
| Provision for (benefit from) income taxes | 2,281 | 1,478 | 54 | (4,447 | ) | 95 | nm | |||||||||||||||||
| Net income (loss) | 5,266 | 6,182 | (15 | ) | (8,959 | ) | 864 | nm | ||||||||||||||||
| Net income (loss) attributable to non-controlling interests | – | (273 | ) | nm | 280 | (278 | ) | nm | ||||||||||||||||
| Net income (loss) attributable to JAKKS Pacific, Inc. | $ | 5,266 | $ | 6,455 | (18 | )% | $ | (9,239 | ) | $ | 1,142 | nm | % | |||||||||||
| Net income (loss) attributable to common stockholders | $ | 5,266 | $ | 6,082 | (13 | )% | $ | (7,909 | ) | $ | 402 | nm | % | |||||||||||
| Earnings (loss) per share – basic | $ | 0.49 | $ | 0.62 | $ | (0.75 | ) | $ | 0.04 | |||||||||||||||
| Shares used in earnings (loss) per share – basic | 10,801 | 9,871 | 10,577 | 9,871 | ||||||||||||||||||||
| Earnings (loss) per share – diluted | $ | 0.47 | $ | 0.58 | $ | (0.75 | ) | $ | 0.04 | |||||||||||||||
| Shares used in earnings (loss) per share – diluted | 11,245 | 10,532 | 10,577 | 10,428 | ||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
| 2024 | 2023 | Δ bps | 2024 | 2023 | Δ bps | |||||||||||||||||||
| Fav/(Unfav) | Fav/(Unfav) | |||||||||||||||||||||||
| Net sales | 100.0 | % | 100.0 | % | – | 100.0 | % | 100.0 | % | – | ||||||||||||||
| Less: Cost of sales | ||||||||||||||||||||||||
| Cost of goods | 51.5 | 51.6 | 10 | 54.5 | 52.6 | (190 | ) | |||||||||||||||||
| Royalty expense | 15.1 | 16.3 | 120 | 15.2 | 16.0 | 80 | ||||||||||||||||||
| Amortization of tools and molds | 1.4 | 1.4 | – | 1.5 | 1.3 | (20 | ) | |||||||||||||||||
| Cost of sales | 68.0 | 69.3 | 130 | 71.2 | 69.9 | (130 | ) | |||||||||||||||||
| Gross profit | 32.0 | 30.7 | 130 | 28.8 | 30.1 | (130 | ) | |||||||||||||||||
| Direct selling expenses | 4.2 | 2.4 | (180 | ) | 6.0 | 4.3 | (170 | ) | ||||||||||||||||
| General and administrative expenses | 22.6 | 18.3 | (430 | ) | 28.4 | 21.3 | (710 | ) | ||||||||||||||||
| Depreciation and amortization | 0.1 | 0.1 | – | 0.1 | 0.1 | – | ||||||||||||||||||
| Selling, general and administrative expenses | 26.9 | 20.8 | (610 | ) | 34.5 | 25.7 | (880 | ) | ||||||||||||||||
| Income (loss) from operations | 5.1 | 9.9 | (480 | ) | (5.7 | ) | 4.4 | (1,010 | ) | |||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||
| Loss from joint ventures | – | (0.3 | ) | – | (0.2 | ) | ||||||||||||||||||
| Other income (expense), net | – | – | 0.1 | 0.2 | ||||||||||||||||||||
| Change in fair value of preferred stock derivative liability | – | (3.6 | ) | – | (2.1 | ) | ||||||||||||||||||
| Loss on debt extinguishment | – | (0.6 | ) | – | (0.4 | ) | ||||||||||||||||||
| Interest income | 0.1 | – | 0.2 | 0.1 | ||||||||||||||||||||
| Interest expense | (0.2 | ) | (0.8 | ) | (0.2 | ) | (1.6 | ) | ||||||||||||||||
| Income (loss) before provision for (benefit from) income taxes | 5.0 | 4.6 | (5.6 | ) | 0.4 | |||||||||||||||||||
| Provision for (benefit from) income taxes | 1.5 | 0.9 | (1.8 | ) | – | |||||||||||||||||||
| Net income (loss) | 3.5 | 3.7 | (3.8 | ) | 0.4 | |||||||||||||||||||
| Net income (loss) attributable to non-controlling interests | – | (0.2 | ) | 0.1 | (0.1 | ) | ||||||||||||||||||
| Net income (loss) attributable to JAKKS Pacific, Inc. | 3.5 | % | 3.9 | % | (3.9 | )% | 0.5 | % | ||||||||||||||||
| Net income (loss) attributable to common stockholders | 3.5 | % | 3.6 | % | (3.3 | )% | 0.1 | % | ||||||||||||||||
| JAKKS Pacific, Inc. and Subsidiaries | ||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Information (Unaudited) | ||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
| 2024 | 2023 | Δ ($) | 2024 | 2023 | Δ ($) | |||||||||||||||||||
| (In thousands) | (In thousands) | |||||||||||||||||||||||
| EBITDA and Adjusted EBITDA | ||||||||||||||||||||||||
| Net income (loss) | $ | 5,266 | $ | 6,182 | $ | (916 | ) | $ | (8,959 | ) | $ | 864 | $ | (9,823 | ) | |||||||||
| Interest expense | 256 | 1,302 | (1,046 | ) | 399 | 4,305 | (3,906 | ) | ||||||||||||||||
| Interest income | (88 | ) | (86 | ) | (2 | ) | (464 | ) | (203 | ) | (261 | ) | ||||||||||||
| Provision for income taxes | 2,281 | 1,478 | 803 | (4,447 | ) | 95 | (4,542 | ) | ||||||||||||||||
| Depreciation and amortization | 2,134 | 2,393 | (259 | ) | 3,648 | 3,584 | 64 | |||||||||||||||||
| EBITDA | 9,849 | 11,269 | (1,420 | ) | (9,823 | ) | 8,645 | (18,468 | ) | |||||||||||||||
| Adjustments: | ||||||||||||||||||||||||
| Loss from joint ventures (JAKKS Pacific, Inc. – 51%) | – | 292 | (292 | ) | – | 287 | (287 | ) | ||||||||||||||||
| Loss from joint ventures (Meisheng – 49%) | – | 273 | (273 | ) | – | 278 | (278 | ) | ||||||||||||||||
| Other (income) expense, net | (72 | ) | (38 | ) | (34 | ) | (210 | ) | (476 | ) | 266 | |||||||||||||
| Restricted stock compensation expense | 2,519 | 1,856 | 663 | 5,094 | 3,945 | 1,149 | ||||||||||||||||||
| Change in fair value of preferred stock derivative liability | – | 6,022 | (6,022 | ) | – | 5,875 | (5,875 | ) | ||||||||||||||||
| Loss on debt extinguishment | – | 1,023 | (1,023 | ) | – | 1,023 | (1,023 | ) | ||||||||||||||||
| Adjusted EBITDA | $ | 12,296 | $ | 20,697 | $ | (8,401 | ) | $ | (4,939 | ) | $ | 19,577 | $ | (24,516 | ) | |||||||||
| Adjusted EBITDA/Net sales % | 8.3 | % | 12.4 | % | -410 bps | (2.1 | )% | 7.1 | % | -920 bps | ||||||||||||||
| Trailing Twelve Months Ended June 30, | ||||||||||||||||||||||||
| 2024 | 2023 | Δ ($) | ||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
| TTM EBITDA and TTM Adjusted EBITDA | ||||||||||||||||||||||||
| TTM net income | $ | 28,290 | $ | 69,649 | $ | (41,359 | ) | |||||||||||||||||
| Interest expense | 2,545 | 10,949 | (8,404 | ) | ||||||||||||||||||||
| Interest income | (1,605 | ) | (321 | ) | (1,284 | ) | ||||||||||||||||||
| Provision for (benefit from) income taxes | 2,291 | (42,664 | ) | 44,955 | ||||||||||||||||||||
| Depreciation and amortization | 10,400 | 9,794 | 606 | |||||||||||||||||||||
| TTM EBITDA | 41,921 | 47,407 | (5,486 | ) | ||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||
| Loss from joint ventures (JAKKS Pacific, Inc. – 51%) | (11 | ) | 287 | (298 | ) | |||||||||||||||||||
| Loss from joint ventures (Meisheng – 49%) | 11 | 278 | (267 | ) | ||||||||||||||||||||
| Other (income) expense, net | (297 | ) | (1,004 | ) | 707 | |||||||||||||||||||
| Restricted stock compensation expense | 9,176 | 7,002 | 2,174 | |||||||||||||||||||||
| Change in fair value of preferred stock derivative liability | 2,154 | 11,895 | (9,741 | ) | ||||||||||||||||||||
| Molds and tooling capitalization | (1,751 | ) | – | (1,751 | ) | |||||||||||||||||||
| Loss on debt extinguishment | – | 1,023 | (1,023 | ) | ||||||||||||||||||||
| TTM Adjusted EBITDA | $ | 51,203 | $ | 66,888 | $ | (15,685 | ) | |||||||||||||||||
| TTM Adjusted EBITDA/TTM Net sales % | 7.6 | % | 9.2 | % | -160 bps | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
| 2024 | 2023 | Δ ($) | 2024 | 2023 | Δ ($) | |||||||||||||||||||
| (In thousands, except per share data) | (In thousands, except per share data) | |||||||||||||||||||||||
| Adjusted net loss attributable to common stockholders | ||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 5,266 | $ | 6,082 | $ | (816 | ) | $ | (7,909 | ) | $ | 402 | $ | (8,311 | ) | |||||||||
| Restricted stock compensation expense | 2,519 | 1,856 | 663 | 5,094 | 3,945 | 1,149 | ||||||||||||||||||
| Change in fair value of preferred stock derivative liability | – | 6,022 | (6,022 | ) | – | 5,875 | (5,875 | ) | ||||||||||||||||
| Loss on debt extinguishment | – | 1,023 | (1,023 | ) | – | 1,023 | (1,023 | ) | ||||||||||||||||
| Loss from joint ventures (JAKKS Pacific, Inc. – 51%) | – | 292 | (292 | ) | – | 287 | (287 | ) | ||||||||||||||||
| 2021 BSP Term Loan prepayment penalty | – | – | – | – | 150 | (150 | ) | |||||||||||||||||
| Tax impact of additional charges | (530 | ) | (1,979 | ) | 1,449 | (1,187 | ) | (2,347 | ) | 1,160 | ||||||||||||||
| Adjusted net income (loss) attributable to common stockholders | $ | 7,255 | $ | 13,296 | $ | (6,041 | ) | $ | (4,002 | ) | $ | 9,335 | $ | (13,337 | ) | |||||||||
| Adjusted earnings (loss) per share – basic & diluted | $ | 0.67 | $ | 1.35 | $ | (0.68 | ) | $ | (0.38 | ) | $ | 0.95 | $ | (1.33 | ) | |||||||||
| Shares used in adjusted earnings (loss) per share – basic | 10,801 | 9,871 | 930 | 10,577 | 9,871 | 706 | ||||||||||||||||||
| Adjusted earnings (loss) per share – diluted | $ | 0.65 | $ | 1.26 | $ | (0.61 | ) | $ | (0.38 | ) | $ | 0.90 | $ | (1.28 | ) | |||||||||
| Shares used in adjusted earnings (loss) per share – diluted | 11,245 | 10,532 | 713 | 10,577 | 10,428 | 149 | ||||||||||||||||||
| JAKKS Pacific, Inc. and Subsidiaries | ||||||||||||||||||||||
| Net Sales by Division and Geographic Region | ||||||||||||||||||||||
| (In thousands) | QTD Q2 | (In thousands) | YTD Q2 | |||||||||||||||||||
| Divisions | 2024 | 2023 | 2022 | % Change 2024 v 2023 | % Change 2023 v 2022 | Divisions | 2024 | 2023 | 2022 | % Change 2024 v 2023 | % Change 2023 v 2022 | |||||||||||
| Toys/Consumer Products | $ | 104,570 | $ | 117,934 | $ | 148,860 | -11.3 | % | -20.8 | % | Toys/Consumer Products | $ | 187,480 | $ | 215,827 | $ | 259,983 | -13.1 | % | -17.0 | % | |
| Dolls, Role-Play/Dress Up | 63,608 | 59,669 | 102,186 | 6.6 | % | -41.6 | % | Dolls, Role-Play/Dress Up | 104,182 | 107,512 | 164,192 | -3.1 | % | -34.5 | % | |||||||
| Action Play & Collectibles | 36,555 | 52,571 | 37,170 | -30.5 | % | 41.4 | % | Action Play & Collectibles | 69,563 | 90,417 | 68,868 | -23.1 | % | 31.3 | % | |||||||
| Outdoor/Seasonal Toys | 4,407 | 5,694 | 9,504 | -22.6 | % | -40.1 | % | Outdoor/Seasonal Toys | 13,735 | 17,898 | 26,923 | -23.3 | % | -33.5 | % | |||||||
| Costumes | $ | 44,049 | $ | 48,999 | $ | 71,562 | -10.1 | % | -31.5 | % | Costumes | $ | 51,215 | $ | 58,590 | $ | 81,320 | -12.6 | % | -28.0 | % | |
| Total | $ | 148,619 | $ | 166,933 | $ | 220,422 | -11.0 | % | -24.3 | % | Total | $ | 238,695 | $ | 274,417 | $ | 341,303 | -13.0 | % | -19.6 | % | |
| (In thousands) | QTD Q2 | (In thousands) | YTD Q2 | |||||||||||||||||||
| Regions | 2024 | 2023 | 2022 | % Change 2024 v 2023 | % Change 2023 v 2022 | Regions | 2024 | 2023 | 2022 | % Change 2024 v 2023 | % Change 2023 v 2022 | |||||||||||
| United States | $ | 125,837 | $ | 136,187 | $ | 192,484 | -7.6 | % | -29.2 | % | United States | $ | 196,267 | $ | 216,630 | $ | 289,534 | -9.4 | % | -25.2 | % | |
| Europe | 10,264 | 16,638 | 14,447 | -38.3 | % | 15.2 | % | Europe | 15,999 | 26,800 | 27,836 | -40.3 | % | -3.7 | % | |||||||
| Latin America | 3,239 | 3,067 | 3,823 | 5.6 | % | -19.8 | % | Latin America | 11,235 | 12,271 | 6,208 | -8.4 | % | 97.7 | % | |||||||
| Canada | 6,288 | 6,799 | 5,537 | -7.5 | % | 22.8 | % | Canada | 9,658 | 10,853 | 8,916 | -11.0 | % | 21.7 | % | |||||||
| Asia | 1,268 | 1,831 | 2,363 | -30.7 | % | -22.5 | % | Asia | 2,233 | 3,211 | 4,439 | -30.5 | % | -27.7 | % | |||||||
| Australia & New Zealand | 1,607 | 1,756 | 1,582 | -8.5 | % | 11.0 | % | Australia & New Zealand | 2,953 | 3,364 | 3,073 | -12.2 | % | 9.5 | % | |||||||
| Middle East & Africa | 116 | 655 | 186 | -82.3 | % | 252.2 | % | Middle East & Africa | 350 | 1,288 | 1,297 | -72.8 | % | -0.7 | % | |||||||
| Total | $ | 148,619 | $ | 166,933 | $ | 220,422 | -11.0 | % | -24.3 | % | Total | $ | 238,695 | $ | 274,417 | $ | 341,303 | -13.0 | % | -19.6 | % | |
| (In thousands) | QTD Q2 | (In thousands) | YTD Q2 | |||||||||||||||||||
| Regions | 2024 | 2023 | 2022 | % Change 2024 v 2023 | % Change 2023 v 2022 | Regions | 2024 | 2023 | 2022 | % Change 2024 v 2023 | % Change 2023 v 2022 | |||||||||||
| North America | $ | 132,125 | $ | 142,986 | $ | 198,021 | -7.6 | % | -27.8 | % | North America | $ | 205,925 | $ | 227,483 | $ | 298,450 | -9.5 | % | -23.8 | % | |
| International | 16,494 | 23,947 | 22,401 | -31.1 | % | 6.9 | % | International | 32,770 | 46,934 | 42,853 | -30.2 | % | 9.5 | % | |||||||
| Total | $ | 148,619 | $ | 166,933 | $ | 220,422 | -11.0 | % | -24.3 | % | Total | $ | 238,695 | $ | 274,417 | $ | 341,303 | -13.0 | % | -19.6 | % | |
