Record First Quarter Sales Driven by Strong
Consumer Demand in the U.S. and Europe
Funko, Inc. ("Funko,” or the “Company”) (Nasdaq: FNKO), a
leading pop culture consumer products company, today reported its
consolidated financial results for the first quarter ended March
31, 2021.
First Quarter 2021 Financial Highlights
- Net sales increased 38% to $189.2 million
- Gross margin1 expanded 100 basis points to 41.4%
- SG&A expenses increased 8% to $51.3 million; as a percent
of net sales, SG&A declined 750 basis points to 27.1%
- Net income increased $16.8 million to $11.1 million
- Net income margin expanded 1,000 basis points to 5.9%
- Adjusted EBITDA2 increased $19.2 million to $29.8 million
- Adjusted EBITDA margin2 expanded 790 basis points to 15.7%
- Cash flow from operations of $37.5 million
- Total liquidity3 increased 47% to $149.7 million
First Quarter 2021 Operating Highlights
- U.S. net sales increased 39% to $136.5 million and Europe net
sales increased 55% to $39.8 million, reflecting a strong demand
recovery in both regions
- Pop! branded products grew 33% as our broad license portfolio
continues to enable our fans to connect with their favorite pop
culture icons
- Net sales of Other (non-figure) products increased 52%, led by
Loungefly branded products which grew 82% in the quarter, as well
as strength in games, plush and accessories
- Direct-to-consumer sales increased more than 160% driven by
continued strong demand on the Company’s Funko and Loungefly
e-commerce sites
- 66% of sales were attributable to evergreen content
- Completed the acquisition of a majority stake in TokenWave,
providing the Company with strategic entry into the NFT market
“Improving consumer demand in the U.S. and Europe contributed to
broad-based strength within our brands, products and distribution
channels, leading to a record first quarter,” said Brian Mariotti,
Chief Executive Officer. “Throughout the pandemic, our teams have
maintained a relentless focus on delivering innovation and engaging
with our fans around the world, positioning the business to drive
topline growth as the demand environment strengthens. In the first
quarter, this enabled us to achieve sales growth of 38%, strong
Adjusted EBITDA margins2 and a substantial increase on the bottom
line.”
“We are confident that our innovation pipeline, strategic focus
and experienced teams will enable us to deliver continued growth
and expansion in the dynamic macro environment,” continued
Mariotti. “We’re investing behind our key strategic priorities and
expect to achieve topline growth of 33% to 38% in 2021, above our
previously stated range, while also driving increased
profitability.”
First Quarter 2021 Financial Results
Net sales increased 38% to $189.2 million in the first quarter
of 2021 compared to $136.7 million in the first quarter of 2020.
The year-over-year increase reflects broad-based strength across
geographies, products and channels.
In the first quarter of 2021, the number of active properties
increased 12% to 762 from 681 in the first quarter of 2020 and net
sales per active property increased 24%.
On a geographical basis, net sales in the United States
increased 39% to $136.5 million and net sales in Europe increased
55% to $39.8 million. Net sales in other international regions
increased 2% to $12.9 million, as several countries continue to
experience disruptions from COVID-19.
On a product category basis, net sales of Figures grew 35% to
$150.6 million, reflecting strength in the U.S. and Europe, as well
as the Company’s Funko and Loungefly e-commerce sites. Net sales of
Other (non-figure) products increased 52% to $38.5 million,
reflecting strength in Loungefly branded products as well as
double-digit growth in games, accessories, and plush.
On a brand basis, Pop! branded products grew 33% to $150.3
million, reflecting strong growth in the U.S. and Europe. Loungefly
branded products grew 82% to $24.5 million. Both brands generated
strong demand in the U.S. and Europe, as well as strength across
our direct-to-consumer channels. Net sales of other branded
products increased 41% to $14.3 million driven by board games,
plush and action figures.
The tables below show the breakdown of net sales on a
geographical, product category and branded product basis (in
thousands):
Three Months Ended March
31,
Period Over Period
Change
2021
2020
Dollar
Percentage
Net sales by geography: United States
$
136,521
$
98,509
$
38,012
38.6%
Europe
39,765
25,578
14,187
55.5%
Other International
12,891
12,613
278
2.2%
Total net sales
$
189,177
$
136,700
$
52,477
38.4%
Three Months Ended March
31,
Period Over Period
Change
2021
2020
Dollar
Percentage
Net sales by product: Figures
$
150,644
111,290
$
39,354
35.4%
Other
38,533
25,410
13,123
51.6%
Total net sales
$
189,177
136,700
$
52,477
38.4%
Three Months Ended March
31,
Period Over Period
Change
2021
2020
Dollar
Percentage
Pop! Branded Products
$
150,343
$
113,068
$
37,275
33.0%
Loungefly Branded Products
24,545
13,484
11,061
82.0%
Other
14,289
10,148
4,141
40.8%
Total net sales
$
189,177
$
136,700
$
52,477
38.4%
Gross margin1 in the first quarter of 2021 increased 100 basis
points to 41.4% compared to 40.4% in the first quarter of 2020,
reflecting improved inventory management and lower product costs as
a percentage of net sales and sales mix, partially offset by higher
shipping related expenses.
SG&A expenses increased 8% to $51.3 million or 27% of net
sales in the first quarter of 2021 compared to $47.3 million or 35%
of net sales in the first quarter of 2020.
Net income in the first quarter of 2021 was $11.1 million and
net income margin was 5.9%, compared to a net loss of $5.7 million
and net loss margin of 4.2% in the first quarter of 2020. Adjusted
Net Income2 (non-GAAP) was $13.0 million in the first quarter of
2021 versus an Adjusted Net Loss of $2.3 million in the first
quarter of 2020. Adjusted EBITDA2 in the first quarter of 2021 was
$29.8 million and Adjusted EBITDA margin2 was 15.7%, compared to
$10.6 million and 7.8%, respectively, in the first quarter of 2020.
A reconciliation of these non-GAAP measures to GAAP is provided
below.
Balance Sheet Highlights
Total liquidity3 as of March 31, 2021 totaled $149.7 million, an
increase of 47% compared to March 31, 2020. Total liquidity was
comprised of cash and cash equivalents of $74.7 million and total
revolver availability of $75 million.
As of March 31, 2021, total debt was $183.0 million, a decrease
of 25% compared to a year ago. Total debt includes the amount
outstanding under the Company's term loan facility, net of
unamortized discounts.
Inventories at the end of the first quarter of 2021 totaled
$61.9 million, up 16.2% compared to a year ago.
Outlook
In 2021, the Company expects the following full year
results:
- Net sales growth of 33% to 38%;
- Adjusted EBITDA margin2 of 14.0% to 14.5%;
- Adjusted Net Income2 of $52.5 million to $59.6 million, based
on a blended tax rate of 25%; and
- Adjusted Earnings per Diluted Share2 of $0.98 to $1.12, based
on estimated adjusted average diluted shares outstanding of 53.3
million for the full year.
1Gross margin is calculated as net sales
less cost of sales (exclusive of depreciation and amortization) as
a percentage of net sales.
2Adjusted Net Income, Adjusted Earnings
per Diluted Share, Adjusted EBITDA and Adjusted EBITDA margin are
non-GAAP financial measures. For a reconciliation of historical
Adjusted Net Income, Adjusted Earnings 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,
Adjusted Earnings per Diluted Share and Adjusted EBITDA margin
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, in 2021 the Company expects equity-based
compensation of approximately $10 million, depreciation and
amortization of approximately $42 million and interest expense of
approximately $8 million, each of which is a reconciling item to
Net Income. See "Non-GAAP Financial Measures" for more
information.
3Total liquidity is calculated as cash and
cash equivalents plus availability under the Company's $75 million
revolving credit facility.
Conference Call and Webcast
The Company will host a conference call at 4:30 p.m. Eastern
Time (1:30 p.m. Pacific Time) today, May 6, 2021, to further
discuss its first quarter results and business outlook. A live
webcast and replay of the event will be available on the Investor
Relations section on the Company’s website at investor.funko.com.
The replay of the webcast will be available for one year.
About Funko
Headquartered in Everett, Washington, Funko is a leading pop
culture consumer products company. Funko designs, sources and
distributes licensed pop culture products across multiple
categories, including vinyl figures, action toys, plush, apparel,
housewares and accessories for consumers who seek tangible ways to
connect with their favorite pop culture brands and characters.
Learn more at www.funko.com, and follow us on Twitter
(@OriginalFunko) and Instagram (@OriginalFunko).
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including statements regarding our
anticipated financial results, the underlying trends in our
business, the anticipated impact of COVID-19 on our business and
expected recovery, our potential for growth, our strategic growth
priorities, our expected liquidity, the expected impact of our
acquisition of TokenWave and our strategy. These forward-looking
statements are based on management’s current expectations. These
statements are neither promises nor guarantees, but involve known
and unknown risks, uncertainties and other important factors that
may cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including, but not limited to, the following: risks
related to the impact of COVID-19 on our business, financial
results and financial condition; our ability to execute our
business strategy; our ability to maintain and realize the full
value of our license agreements; changes in the retail industry and
markets for our consumer products; our ability to maintain our
relationships with retail customers and distributors; our ability
to compete effectively; fluctuations in our gross margin; our
dependence on content development and creation by third parties;
the ongoing level of popularity of our products with consumers; our
ability to manage our inventories; our ability to develop and
introduce products in a timely and cost-effective manner; our
ability to obtain, maintain and protect our intellectual property
rights or those of our licensors; potential violations of the
intellectual property rights of others; risks associated with
counterfeit versions of our products; our ability to attract and
retain qualified employees and maintain our corporate culture; our
use of third-party manufacturing; risks associated with our
international operations; changes in effective tax rates or tax
law; foreign currency exchange rate exposure; the possibility or
existence of global and regional economic downturns; our dependence
on vendors and outsourcers; risks relating to government
regulation; risks relating to litigation, including products
liability claims and securities class action litigation; any
failure to successfully integrate or realize the anticipated
benefits of acquisitions or investments; reputational risk
resulting from our e-commerce business and social media presence;
risks relating to our indebtedness and our ability to secure
additional financing; the potential for our electronic data or the
electronic data of our customers to be compromised; the influence
of our significant stockholder, ACON, and the possibility that
ACON’s interests may conflict with the interests of our other
stockholders; risks relating to our organizational structure;
volatility in the price of our Class A common stock; and risks
associated with our internal control over financial reporting.
These and other important factors discussed under the caption “Risk
Factors” in our quarterly report on Form 10-Q for the quarter ended
March 31, 2021 and our other filings with the Securities and
Exchange Commission could cause actual results to differ materially
from those indicated by the forward-looking statements made in this
press release. Any such forward-looking statements represent
management’s estimates as of the date of this press release. While
we may elect to update such forward-looking statements at some
point in the future, we disclaim any obligation to do so, even if
subsequent events cause our views to change. These forward-looking
statements should not be relied upon as representing our views as
of any date subsequent to the date of this press release.
Funko, Inc. and
Subsidiaries
Condensed Consolidated
Statements of Operations
(Unaudited)
Three Months Ended March
31,
2021
2020
(In thousands, except per
share data)
Net sales
$
189,177
$
136,700
Cost of sales (exclusive of depreciation and amortization shown
separately below)
110,853
81,417
Selling, general, and administrative expenses
51,267
47,313
Depreciation and amortization
10,262
10,989
Total operating expenses
172,382
139,719
Income (loss) from operations
16,795
(3,019
)
Interest expense, net
2,237
2,655
Other expense, net
1,179
914
Income (loss) before income taxes
13,379
(6,588
)
Income tax expense (benefit)
2,293
(856
)
Net income (loss)
11,086
(5,732
)
Less: net income (loss) attributable to non-controlling interests
4,572
(1,606
)
Net income (loss) attributable to Funko, Inc.
$
6,514
$
(4,126
)
Earnings (loss) per share of Class A common stock: Basic
$
0.18
$
(0.12
)
Diluted
$
0.17
$
(0.12
)
Weighted average shares of Class A common stock outstanding: Basic
36,194
34,944
Diluted
37,839
34,944
Funko, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(Unaudited)
March 31,2021 December 31,2020 (In
thousands, except per share amounts) Assets Current assets:
Cash and cash equivalents
$
74,697
$
52,255
Accounts receivable, net
114,655
131,837
Inventory
61,934
59,773
Prepaid expenses and other current assets
15,658
15,486
Total current assets
266,944
259,351
Property and equipment, net
53,868
56,141
Operating lease right-of-use assets
56,774
58,079
Goodwill
126,801
125,061
Intangible assets, net
201,757
205,541
Deferred tax asset
58,384
54,682
Other assets
4,670
4,735
Total assets
$
769,198
$
763,590
Liabilities and Stockholders’ Equity Current liabilities: Current
portion of long-term debt, net of unamortized discount
$
14,666
$
10,758
Current portion of operating lease liabilities
14,636
13,840
Accounts payable
31,706
29,199
Income taxes payable
2,217
425
Accrued royalties
33,906
40,525
Accrued expenses and other current liabilities
41,451
43,949
Total current liabilities
138,582
138,696
Long-term debt, net of unamortized discount
168,371
180,012
Operating lease liabilities, net of current portion
55,736
57,512
Deferred tax liability
788
780
Liabilities under tax receivable agreement, net of current portion
67,713
60,297
Other long-term liabilities
4,909
3,848
Commitments and Contingencies Stockholders’ equity:
Class A common stock, par value $0.0001 per share, 200,000 shares
authorized; 36,836 and 35,657 shares issued and outstanding as of
March 31, 2021 and December 31, 2020, respectively
4
4
Class B common stock, par value $0.0001 per share, 50,000 shares
authorized; 13,040 and 14,040 shares issued and outstanding as of
March 31, 2021 and December 31, 2020, respectively
1
1
Additional paid-in-capital
222,902
216,141
Accumulated other comprehensive income
1,989
1,718
Retained earnings
30,917
24,403
Total stockholders’ equity attributable to Funko, Inc.
255,813
242,267
Non-controlling interests
77,286
80,178
Total stockholders’ equity
333,099
322,445
Total liabilities and stockholders’ equity
$
769,198
$
763,590
Funko, Inc. and
Subsidiaries
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
Three Months Ended March
31,
2021
2020
(In thousands)
Operating Activities Net income (loss)
$
11,086
$
(5,732
)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: Depreciation, amortization and other
10,586
11,937
Equity-based compensation
2,690
2,413
Amortization of debt issuance costs and debt discounts
322
317
Other
805
851
Changes in operating assets and liabilities: Accounts receivable,
net
17,521
43,760
Inventory
(1,952
)
7,312
Prepaid expenses and other assets
1,610
6,437
Accounts payable
2,483
(12,923
)
Income taxes payable
1,789
(491
)
Accrued royalties
(6,619
)
(14,209
)
Accrued expenses and other liabilities
(2,856
)
(2,720
)
Net cash provided by operating activities
37,465
36,952
Investing Activities Purchases of property and
equipment
(3,884
)
(4,961
)
Other
199
-
Net cash used in investing activities
(3,685
)
(4,961
)
Financing Activities Borrowings on line of credit
-
28,267
Payments on line of credit
-
(25,281
)
Payments of long-term debt
(7,982
)
(2,938
)
Distributions to continuing equity owners
(2,445
)
(2,675
)
Payments under tax receivable agreement
(6
)
(166
)
Proceeds from exercise of equity-based options
33
41
Net cash used in financing activities
(10,400
)
(2,752
)
Effect of exchange rates on cash and cash equivalents
(938
)
945
Net increase in cash and cash equivalents
22,442
30,184
Cash and cash equivalents at beginning of period
52,255
25,229
Cash and cash equivalents at end of period
$
74,697
$
55,413
Funko, Inc. and Subsidiaries Non-GAAP
Financial Measures (Unaudited)
Adjusted Net Income (Loss), Adjusted Earnings (Loss) per Diluted
Share, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are
supplemental measures of our performance that are not required by,
or presented in accordance with, U.S. GAAP. Adjusted Net Income
(Loss), Adjusted Earnings (Loss) per Diluted Share, EBITDA,
Adjusted EBITDA and Adjusted EBITDA margin are not measurements of
our financial performance under U.S. GAAP and should not be
considered as an alternative to net income (loss), earnings (loss)
per share or any other performance measure derived in accordance
with U.S. GAAP. We define Adjusted Net Income (Loss) as net income
(loss) attributable to Funko, Inc. adjusted for the reallocation of
income (loss) attributable to non-controlling interests from the
assumed exchange of all outstanding common units and options in
FAH, LLC for newly issued-shares of Class A common stock of Funko,
Inc. and further adjusted for the impact of certain non-cash
charges and other items that we do not consider in our evaluation
of ongoing operating performance. These items include, among other
things, non-cash charges related to equity-based compensation
programs, certain severance, relocation and related costs, foreign
currency transaction losses and other unusual or one-time items,
and the income tax expense (benefit) effect of these adjustments.
We define Adjusted Earnings (Loss) per Diluted Share as Adjusted
Net Income (Loss) divided by the weighted-average shares of Class A
common stock outstanding, assuming (1) the full exchange of all
outstanding common units and options in FAH, LLC for newly
issued-shares of Class A common stock of Funko, Inc. and (2) the
dilutive effect of stock options and unvested common units, if any.
We define EBITDA as net income (loss) before interest expense, net,
income tax expense (benefit), depreciation and amortization. We
define Adjusted EBITDA as EBITDA further adjusted for non-cash
charges related to equity-based compensation programs, certain
severance, relocation and related costs, foreign currency
transaction losses and other unusual or one-time items. Adjusted
EBITDA margin is calculated as Adjusted EBITDA as a percentage of
net sales. We caution investors that amounts presented in
accordance with our definitions of Adjusted Net Income (Loss),
Adjusted Earnings (Loss) per Diluted Share, EBITDA, Adjusted EBITDA
and Adjusted EBITDA margin may not be comparable to similar
measures disclosed by our competitors, because not all companies
and analysts calculate these measures in the same manner. We
present Adjusted Net Income (Loss), Adjusted Earnings (Loss) per
Diluted Share, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin
because we consider them to be important supplemental measures of
our performance and believe they are frequently used by securities
analysts, investors, and other interested parties in the evaluation
of companies in our industry. Management believes that investors’
understanding of our performance is enhanced by including these
non-GAAP financial measures as a reasonable basis for comparing our
ongoing results of operations. Management uses Adjusted Net Income
(Loss), Adjusted Earnings (Loss) per Diluted Share, EBITDA,
Adjusted EBITDA and Adjusted EBITDA margin as a measurement of
operating performance because they assist us in comparing the
operating performance of our business on a consistent basis, as
they remove the impact of items not directly resulting from our
core operations; for planning purposes, including the preparation
of our internal annual operating budget and financial projections;
as a consideration to assess incentive compensation for our
employees; to evaluate the performance and effectiveness of our
operational strategies; and to evaluate our capacity to expand our
business.
By providing these non-GAAP financial measures, together with
reconciliations, we believe we are enhancing investors’
understanding of our business and our results of operations, as
well as assisting investors in evaluating how well we are executing
our strategic initiatives. In addition, our senior secured credit
facilities use Adjusted EBITDA to measure our compliance with
covenants such as senior leverage ratio. Adjusted Net Income
(Loss), Adjusted Earnings (Loss) per Diluted Share, EBITDA,
Adjusted EBITDA and Adjusted EBITDA margin have limitations as
analytical tools, and should not be considered in isolation, or as
an alternative to, or a substitute for net income (loss) or other
financial statement data presented in this press release as
indicators of financial performance. Some of the limitations
are:
- such measures do not reflect our cash expenditures, or future
requirements for capital expenditures or contractual
commitments;
- such measures do not reflect changes in, or cash requirements
for, our working capital needs;
- such measures do not reflect the interest expense, or the cash
requirements necessary to service interest or principal payments on
our debt;
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced in the future and such measures do not reflect any cash
requirements for such replacements; and
- other companies in our industry may calculate such measures
differently than we do, limiting their usefulness as comparative
measures.
Due to these limitations, Adjusted Net Income (Loss), Adjusted
Earnings (Loss) per Diluted Share, EBITDA, Adjusted EBITDA and
Adjusted EBITDA margin should not be considered as measures of
discretionary cash available to us to invest in the growth of our
business. We compensate for these limitations by relying primarily
on our GAAP results and using these non-GAAP measures only
supplementally. As noted in the table below, Adjusted Net Income
(Loss), Adjusted Earnings (Loss) per Diluted Share, Adjusted EBITDA
and Adjusted EBITDA margin include adjustments for non-cash charges
related to equity-based compensation programs, certain severance,
relocation and related costs, foreign currency transaction losses
and other unusual or one-time items. It is reasonable to expect
that these items will occur in future periods. However, we believe
these adjustments are appropriate because the amounts recognized
can vary significantly from period to period, do not directly
relate to the ongoing operations of our business and complicate
comparisons of our internal operating results and operating results
of other companies over time. Each of the normal recurring
adjustments and other adjustments described herein and in the
reconciliation table below help management with a measure of our
core operating performance over time by removing items that are not
related to day-to-day operations.
The following tables reconcile the Non-GAAP Financial Measures
to the most directly comparable U.S. GAAP financial performance
measure, which is net income (loss), for the periods presented:
Three Months Ended March
31,
2021
2020
(In thousands, except per
share data)
Net income (loss) attributable to Funko, Inc.
$
6,514
$
(4,126
)
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)
4,572
(1,606
)
Equity-based compensation (2)
2,690
2,413
Certain severance, relocation and related costs (3)
25
213
Foreign currency transaction loss (4)
1,179
914
Income tax expense (5)
(2,025
)
(94
)
Adjusted net income (loss)
$
12,955
$
(2,286
)
Adjusted net income (loss) margin (6)
6.8
%
(1.7
)%
Weighted-average shares of Class A common stock outstanding-basic
36,194
34,944
Equity-based compensation awards and common units of FAH, LLC that
are convertible into Class A common stock
16,765
15,927
Adjusted weighted-average shares of Class A stock outstanding -
diluted
52,959
50,871
Adjusted earnings (loss) per diluted share
$
0.24
$
(0.04
)
Three Months Ended March
31,
2021
2020
(amounts in thousands)
Net income (loss)
$
11,086
$
(5,732
)
Interest expense, net
2,237
2,655
Income tax expense (benefit)
2,293
(856
)
Depreciation and amortization
10,262
10,989
EBITDA
$
25,878
$
7,056
Adjustments: Equity-based compensation (2)
2,690
2,413
Certain severance, relocation and related costs (3)
25
213
Foreign currency transaction loss (4)
1,179
914
Adjusted EBITDA
$
29,772
$
10,596
Adjusted EBITDA margin (7)
15.7
%
7.8
%
(1)
Represents the 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 in
periods in which income (loss) 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 the timing of awards.
(3)
For the three months ended March 31, 2021,
represents severance, relocation and related costs associated with
residual payment of global workforce reduction implemented in
response to the COVID-19 pandemic. For the three months ended March
31, 2020, represents severance, relocation and related costs
associated with the consolidation of our warehouse facilities in
the United Kingdom.
(4)
Represents both unrealized and realized
foreign currency losses on transactions denominated other than in
U.S. dollars, including derivative gains and losses on foreign
currency forward exchange contracts.
(5)
Represents the income tax expense effect
of the above adjustments. This adjustment uses an effective tax
rate of 25% for all periods presented.
(6)
Adjusted net income (loss) margin is
calculated as Adjusted net income (loss) as a percentage of net
sales.
(7)
Adjusted EBITDA margin is calculated as
Adjusted EBITDA as a percentage of net sales.
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