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We create whimsical, fun and unique products that enable fans to express who they are, which allows them to find their community and generate a sense of belonging and joy. We achieve this through products people display, wear or carry of their favorite something whether it is a movie, TV show, video game, musician or sports team.
The business is unprofitable at the operating level (-5.01% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 13.5% YoY. Margins deteriorated 6.3pp alongside, both lines moving the wrong way.
Free cash flow declined 142% versus the prior year, cash generation momentum has weakened. ROIC dropped from 1.86% to -7.89%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$918M
▼ -13.5% YoY
Net Income (TTM)
-$58M
▼ -357.7% YoY
Op. Margin
-3.48%
▼ -6.3pp YoY
ROIC
-6.11%
▼ -9.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$7M
▼ -142.0% YoY
Op. Cash Flow (TTM)
$27M
▼ -104.1% YoY
Net Debt
$245M
Cash & Equiv.
$34M
5Y CAGR: +6.8%
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