JAKKS Pacific, Inc. (NASDAQ:JAKK) Q1 2023 Earnings Conference Call April 28, 2023 5:00 PM ET
Company Participants
Stephen Berman - Chairman, Chief Executive Officer
John Kimble - Chief Financial Officer
Conference Call Participants
Gerrick Johnson - BMO Capital Markets
Andrew Uerkwitz - Jefferies
Operator
Good afternoon everyone. Welcome to the JAKKS Pacific First Quarter 2023 Earnings Conference Call with management, who will review financial results for the quarter ended March 31, 2023. JAKKS issued its earnings press release earlier today. The earnings release and presentation slides for today's call are available on the company's website in the Investors section.
On the call this afternoon are Stephen Berman, Chairman and Chief Executive Officer; and John Kimble, Chief Financial Officer. Stephen will first provide an overview of the quarter, along with highlights of the product lines and current business trends. Then John will provide detailed comments regarding JAKKS Pacific's financial and operational results. Stephen will then return with additional comments and some closing remarks prior to opening-up the call for questions. [Operator Instructions].
Before we begin, the company would like to point out that any comments made about JAKKS Pacific's future performance, events or circumstances, including the estimates or sales, margins, and/or adjusted EBITDA in 2023 and beyond, as well as any other forward-looking statements concerning 2023 and beyond are subject to Safe Harbor protection under Federal Securities Laws.
These statements reflect the company's best judgment based on current market trends and conditions today and are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in forward-looking statements. For details concerning these and other such risks and uncertainties, you should consult JAKKS most recent 10-K and 10-Q filings with the SEC, as well as the company's other reports subsequently filed with the SEC from time-to-time.
In addition, today's comments by management will refer to non-GAAP financial measures such as adjusted EBITDA and adjusted earnings per share. Unless stated otherwise, most directly comparable GAAP financial metric has been reconciled to the associated non-GAAP financial measures within the company's earnings press release issued today or previously. As a reminder, this conference is being recorded.
With that, I would now like to turn the call over to Stephen Berman.
Stephen Berman
Thank you. Good afternoon, everyone, and thank you for joining us today. We are very happy with how the year has started here for JAKKS. Our net sales for the quarter were $107.5 million, a 11% decrease compared to a year prior. As everyone knows, we had a massive revenue growth last year, led by the breakout success of a holiday 2021 film property. Although that business is still selling through very nicely at retail, it's an exceptionally challenging number to anniversary as the performance was a multiple of what we would normally see from a new film with new IP.