FUNKO, INC., 10-K filed on 3/7/2024
Annual Report
v3.24.0.1
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Mar. 05, 2024
Jun. 30, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38274    
Entity Registrant Name FUNKO, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 35-2593276    
Entity Address, Address Line One 2802 Wetmore Avenue    
Entity Address, City or Town Everett,    
Entity Address, State or Province WA    
Entity Address, Postal Zip Code 98201    
City Area Code 425    
Local Phone Number 783-3616    
Title of 12(b) Security Class A Common Stock, $0.0001 Par value    
Trading Symbol FNKO    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 372.3
Documents Incorporated by Reference
Portions of the registrant’s definitive Proxy Statement relating to its 2024 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2023 are incorporated herein by reference in Part III of this Annual Report on Form 10-K.
    
Amendment Flag false    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001704711    
Class A Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   50,792,897  
Class B Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   2,276,507  
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Audit Information
 12 Months Ended
Dec. 31, 2023
Auditor Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Seattle, Washington
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Net sales $ 1,096,086 $ 1,322,706 $ 1,029,293
Cost of sales (exclusive of depreciation and amortization shown separately below) 763,085 888,685 648,302
Selling, general, and administrative expenses 377,065 398,272 244,331
Depreciation and amortization 59,763 47,669 41,195
Total operating expenses 1,199,913 1,334,626 933,828
(Loss) income from operations (103,827) (11,920) 95,465
Interest expense, net 27,970 10,334 7,167
Loss on extinguishment of debt 494 0 675
Other (income) expense, net (127) 787 2,708
Gain on tax receivable agreement liability adjustment (100,223) 0 0
(Loss) income before income taxes (31,941) (23,041) 84,915
Income tax expense (benefit) 132,497 (17,801) 17,061
Net (loss) income (164,438) (5,240) 67,854
Less: net (loss) income attributable to non-controlling interests (10,359) 2,795 23,954
Net (loss) income attributable to Funko, Inc. $ (154,079) $ (8,035) $ 43,900
(Loss) earnings per share of Class A common stock:      
Basic (in dollars per share) $ (3.19) $ (0.18) $ 1.14
Diluted (in dollars per share) $ (3.19) $ (0.18) $ 1.08
Weighted average shares of Class A common stock outstanding:      
Basic (in shares) 48,332,401 44,554,788 38,392,390
Diluted (in shares) 48,332,401 44,554,788 40,610,618
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net (loss) income $ (164,438) $ (5,240) $ 67,854
Other comprehensive (loss) income:      
Foreign currency translation (loss) gain, net of tax effect of $(770), $1,169 and $163 for the years ended December 31, 2023, 2022 and 2021, respectively 2,617 (4,695) (683)
Reclassification of foreign currency translation gain into net (loss) income 0 0 (96)
Comprehensive (loss) income (161,821) (9,935) 67,075
Less: Comprehensive (loss) income attributable to non-controlling interests (10,165) 1,781 23,815
Comprehensive (loss) income attributable to Funko, Inc. $ (151,656) $ (11,716) $ 43,260
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Foreign currency translation gain (loss), tax $ (770) $ 1,169 $ 163
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 36,453 $ 19,200
Accounts receivable, net 130,831 167,895
Inventory, net 119,458 246,429
Prepaid expenses and other current assets 56,134 39,648
Total current assets 342,876 473,172
Property and equipment, net 91,335 102,232
Operating lease right-of-use assets 61,499 71,072
Goodwill 133,795 131,380
Intangible assets, net 167,388 181,284
Deferred tax asset, net of valuation allowance 0 123,893
Other assets 7,752 8,112
Total assets 804,645 1,091,145
Current liabilities:    
Line of credit 120,500 70,000
Current portion long-term debt, net of unamortized discount 22,072 22,041
Current portion of operating lease liabilities 17,486 18,904
Accounts payable 52,919 67,651
Income taxes payable 986 871
Accrued royalties 54,375 69,098
Accrued expenses and other current liabilities 90,494 112,832
Total current liabilities 358,832 361,397
Long-term debt, net of unamortized discount 130,986 153,778
Operating lease liabilities, net of current portion 71,309 82,356
Deferred tax liability 402 382
Liabilities under tax receivable agreement, net of current portion 0 99,620
Other long-term liabilities 5,076 3,923
Commitments and contingencies (Note 14)
Stockholders' equity:    
Additional paid-in-capital 326,180 310,807
Accumulated other comprehensive loss (180) (2,603)
(Accumulated deficit) retained earnings (94,064) 60,015
Total stockholders' equity attributable to Funko, Inc. 231,941 368,224
Non-controlling interests 6,099 21,465
Total stockholders' equity 238,040 389,689
Total liabilities and stockholders' equity 804,645 1,091,145
Class A Common Stock    
Stockholders' equity:    
Common stock, value 5 5
Class B Common Stock    
Stockholders' equity:    
Common stock, value $ 0 $ 0
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 50,549,000 47,192,000
Common stock, shares outstanding (in shares) 50,549,000 47,192,000
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 50,000,000 50,000,000
Common stock, shares issued (in shares) 2,277,000 3,293,000
Common stock, shares outstanding (in shares) 2,277,000 3,293,000
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings (Accumulated Deficit)
Non- Controlling Interests
Class A Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Class B Common Stock
Common Stock
Beginning balance (in shares) at Dec. 31, 2020             35,657   14,040
Beginning balance at Dec. 31, 2020 $ 322,445 $ 216,141 $ 1,718 $ 24,403 $ 80,178   $ 4   $ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Distribution to continuing equity owners (9,277)       (9,277)        
Equity-based compensation 12,994 12,994              
Activity under equity-based compensation plans (in shares)             554    
Activity under equity-based compensation plans 5,956 5,956              
Cumulative translation adjustment, net of tax (683)   (544)   (139)        
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets (3,532) (3,532)              
Redemption of common units of FAH, LLC (in shares)             3,877   (3,349)
Redemption of common units of FAH, LLC 0 20,746     (20,746)   $ 0    
Other 801 200 (96) (253) 950        
Net (loss) income 67,854     43,900 23,954        
Ending balance (in shares) at Dec. 31, 2021             40,088   10,691
Ending balance at Dec. 31, 2021 396,558 252,505 1,078 68,050 74,920   $ 4   $ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Distribution to continuing equity owners (10,709)       (10,709)        
Equity-based compensation 16,591 16,591              
Activity under equity-based compensation plans (in shares)             533    
Activity under equity-based compensation plans 1,936 1,936              
Acquisition of non-controlling interest of TokenWave, LLC (in shares)             71    
Acquisition of non-controlling interest of TokenWave, LLC (5,513) (4,781)     (732)        
Cumulative translation adjustment, net of tax (4,695)   (3,681)   (1,014)        
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets 761 761              
Recapitalization of common units of FAH, LLC (in shares)                 (910)
Recapitalization of common units of FAH, LLC 0 5,873     (5,873)        
Redemption of common units of FAH, LLC (in shares)             6,500   (6,488)
Redemption of common units of FAH, LLC 0 37,922     (37,922)   $ 1   $ (1)
Net (loss) income (5,240)     (8,035) 2,795        
Ending balance (in shares) at Dec. 31, 2022           47,192 47,192 3,293 3,293
Ending balance at Dec. 31, 2022 389,689 310,807 (2,603) 60,015 21,465   $ 5   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Distribution to continuing equity owners (1,118)       (1,118)        
Equity-based compensation 10,534 10,534              
Activity under equity-based compensation plans (in shares)             1,601    
Activity under equity-based compensation plans 756 756              
Cumulative translation adjustment, net of tax 2,617   2,423   194        
Redemption of common units of FAH, LLC (in shares)             1,756   (1,016)
Redemption of common units of FAH, LLC 0 4,083     (4,083)   $ 0   $ 0
Net (loss) income (164,438)     (154,079) (10,359)        
Ending balance (in shares) at Dec. 31, 2023           50,549 50,549 2,277 2,277
Ending balance at Dec. 31, 2023 $ 238,040 $ 326,180 $ (180) $ (94,064) $ 6,099   $ 5   $ 0
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net (loss) income $ (164,438) $ (5,240) $ 67,854
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation, amortization and other 57,389 47,919 40,056
Equity-based compensation 10,534 16,591 12,994
Amortization of debt issuance costs and debt discounts 1,274 902 1,118
Loss on debt extinguishment 494 0 675
Gain on tax receivable agreement liability adjustment (100,223) 0 0
Deferred tax expense (benefit) 123,124 (17,414) (361)
Other 4,090 5,244 1,403
Changes in operating assets and liabilities, net of amounts acquired:      
Accounts receivable, net 40,513 19,075 (56,648)
Inventory 122,479 (82,214) (107,166)
Prepaid expenses and other assets 3,242 (7,263) 3,700
Accounts payable (17,968) 11,043 26,933
Income taxes payable 75 (15,018) 15,585
Accrued royalties (14,723) 9,082 17,633
Accrued expenses and other liabilities (34,927) (22,841) 63,586
Net cash provided by (used in) operating activities 30,935 (40,134) 87,362
Investing Activities      
Purchase of property and equipment (35,131) (59,148) (27,759)
Acquisitions of business and intangible assets, net of cash acquired (5,364) (19,479) 199
Other 699 562 179
Net cash used in investing activities (39,796) (78,065) (27,381)
Financing Activities      
Borrowings on line of credit 71,000 120,000 0
Payments on line of credit (20,500) (50,000) 0
Debt issuance costs (1,957) (405) (1,055)
Proceeds from long-term debt, net 0 20,000 180,000
Payment of long-term debt (22,581) (18,000) (198,375)
Contingent consideration 0 0 (2,000)
Distributions to continuing equity owners (1,118) (10,710) (9,277)
Payments under tax receivable agreement (4) (7,718) (1,715)
Proceeds from exercise of equity-based options 756 1,472 3,794
Net cash provided by (used in) financing activities 25,596 54,639 (28,628)
Effect of exchange rates on cash and cash equivalents 518 (797) (51)
Net change in cash and cash equivalents 17,253 (64,357) 31,302
Cash and cash equivalents at beginning of period 19,200 83,557 52,255
Cash and cash equivalents at end of period 36,453 19,200 83,557
Supplemental Cash Flow Information      
Cash paid for interest 24,635 8,856 5,679
Income tax payments 1,059 22,363 1,462
Establishment of liabilities under tax receivable agreement 0 30,034 20,691
Issuance of equity instruments for acquisitions 0 1,487 0
Tenant allowance $ 0 $ 17,236 $ 0
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Basis of Presentation and Description of Business
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Description of Business Basis of Presentation and Description of Business
The consolidated financial statements include Funko, Inc. and its subsidiaries (together with its subsidiaries, the “Company”) and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). All intercompany balances and transactions have been eliminated.
The Company was formed as a Delaware corporation on April 21, 2017. The Company was formed for the purpose of completing an initial public offering (“IPO”) of its Class A common stock and related transactions in order to carry on the business of Funko Acquisition Holdings, L.L.C. (“FAH, LLC”) and its subsidiaries. FAH, LLC owns 100% of Funko Holdings LLC ("FHL") and FHL owns 100% of Funko, LLC, a limited liability company formed in the state of Washington, which is its operating entity. The Company is a leading pop culture consumer products company that designs, sources, and distributes licensed pop culture products. The Company is headquartered in Everett, Washington.
Funko, Inc. operates and controls all of FAH, LLC’s operations and, through FAH, LLC and its subsidiaries, conducts FAH, LLC’s business, as the sole managing member. Accordingly, the Company consolidates the financial results of FAH, LLC and reports a non-controlling interest in its consolidated financial statements representing the FAH, LLC interests held by certain holders of common units in FAH, LLC (the "Continuing Equity Owners").
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Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Certain of the significant accounting policies are discussed within the note to which they specifically relate. Certain prior-year amounts have been reclassified to conform to the current year presentation.
Use of Estimates
The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions.
Cash Equivalents
Cash equivalents include amounts due from third-party financial institutions for credit and debit card transactions. These transactions typically settle in less than 5 days and were $1.2 million and $1.3 million at December 31, 2023 and 2022, respectively.
Concentrations of Business and Credit Risk
The Company grants credit to its customers on an unsecured basis. The Company monitors the financial health of its customers and will take actions to mitigate a customer's credit risk if a negative financial forecast is expected. As of December 31, 2023 and 2022, the balance of accounts receivable consisted of 5% and 11%, respectively, of amounts owed from the largest customer for the given period. The collection of these receivables has been within the terms of the associated customer agreement.
For the years ended December 31, 2023, 2022 and 2021, there was no individual customer that generated net sales over 10%.
For the year ended December 31, 2023, no individual license agreement accounted for more than 10% of sales. For the year ended December 31, 2022, 13% of sales were related to the Company’s largest license agreements with no other license agreements accounting for more than 10% of sales. For the year ended December 31, 2021, 26% of sales were related to the Company’s two largest license agreements (13% each) with no other license agreements accounting for more than 10% of sales.
The Company maintains its cash within bank deposit accounts at high quality, accredited financial institutions. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to significant credit risk on cash.
Inventory
Inventory consists primarily of figures, plush, apparel, homewares, accessories and other finished goods, and is accounted for using the first-in, first-out (“FIFO”) method. Inventory costs include direct product costs and freight costs. The Company maintains reserves for excess and obsolete inventories to reflect the inventory balance at the lower of cost or net realizable value. The Company estimates obsolescence based on assumptions regarding future demand. This valuation requires us to make judgments, based on currently available information, about the likely method of disposition, such as through sales to customers, or liquidation, and expected recoverable value of each disposition category. Reserves for excess and obsolete inventories were $25.5 million and $16.9 million as of December 31, 2023 and 2022, respectively.
During the year ended December 31, 2023, the Company approved an inventory reduction plan to improve U.S. warehouse operational efficiency. The Company recorded a $30.3 million inventory write-down included in cost of sales as presented in the condensed consolidated statements of operations. The units were identified and recorded based on an estimate of product costs, associated capitalized freight, net of allocated inventory reserves of the identified units and an estimate of physical destruction costs, during the quarter ended March 31, 2023. The physical destruction plan was completed during the third quarter of 2023.
Property and Equipment
Property and equipment is stated at historical cost, net of accumulated depreciation, and, if applicable, impairment charges. Depreciation of property and equipment is recorded using the straight-line method over the shorter of the estimated useful life of the asset or the lease term. The estimated useful lives of our property and equipment are generally as follows:
Asset
Lives (in years)
Tooling and molds
2
Furniture, fixtures, and warehouse equipment
2 to 7
Computer equipment, software and other
3 to 5
Leasehold improvements
Lesser of useful life or term of lease
The Company monitors long-lived assets for impairment indicators on an ongoing basis in accordance with U.S. GAAP. If impairment indicators exist, the Company will perform the required impairment analysis by comparing the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value is estimated based upon a combination of market and cost approaches, as appropriate. Changes in economic or operating conditions impacting these estimates and assumptions could result in the impairment of the Company's long-lived assets.
Other Assets
Other assets primarily comprise capitalized implementation costs from cloud computing arrangements, safeguarding assets and security deposits. The Company capitalizes eligible costs associated with cloud computing arrangements over the term of the arrangement, plus reasonably certain renewals, and intends to recognize those costs on a straight-line basis in the same line item in the consolidated statement of operations as the expense for fees associated with the cloud computing arrangement once the capitalized project is ready for intended use. Cloud computing arrangement costs, included in prepaid expenses and other current assets were $2.7 million, and $2.1 million and other assets were $3.1 million and $3.0 million as of December 31, 2023 and 2022, respectively. Amortization expense associated with the cloud computing arrangements of $2.2 million was recorded in the year ended December 31, 2023, and no amortization expense was recorded for the years ended December 31, 2022 or 2021. The Company incurred an abandonment charge of $32.5 million during the year ended December 31, 2022, as it was determined the enterprise resource planning cloud computing arrangement was no longer feasible for its intended use. Cash flows related to capitalized implementation costs are presented in cash flows used in operating activities.
Revenue Recognition and Sales Allowance
Revenue from the sale of Company products is recognized when control of the goods is transferred to the customer, which is upon shipment or upon receipt of finished goods by the customer, depending on the contract terms. Deferred revenue is recognized when the Company collects cash from the customer and had not yet filled is obligation for delivery of product or service. Deferred revenue is recorded within accrued expenses and other current liabilities on the Company's consolidated balance sheets.
The Company routinely enters into arrangements with its customers to provide sales incentives, support customer promotions, and provide allowances for returns and defective merchandise. These sales adjustments require management to make estimates. In making these estimates, management considers all available information including the overall business environment, historical trends and information from customers, such as agreed upon customer contract terms as well as historical experience from the customer. The costs of these programs reduce gross sales in the period the related sale is recognized. The Company adjusts its estimates at least quarterly or when facts and circumstances used in the estimate process change. As of December 31, 2023 and 2022, we had reserves for sales allowances of $44.1 million and $57.3 million, respectively.
We have made an accounting policy election to exclude from revenue, all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer (for example, sales, use, value-added, and certain excise taxes). 
We have elected to account for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of assessing such activities as performance obligations. Accordingly, shipping and handling activities that are performed by the Company, whether before or after a customer has obtained control of the products, are considered fulfillment costs to satisfy our performance obligation to transfer the products, and are recorded as incurred within cost of sales.
We have elected the practical expedient to not recognize a significant financing component for contracts that include payments terms of one year or less. We have also elected the practical expedient permitting expensing of costs to obtain a contract when the expected amortization period is one year or less.
Shipping Revenue and Costs
Shipping and handling costs include inbound freight costs and the cost to ship product to the customer and are included in cost of sales. Shipping fees billed to customers are included in net sales.
Royalties
We enter into agreements for rights to licensed trademarks, copyrights and likenesses for use in our products. These licensing agreements require the payment of royalty fees to the licensor based on a percentage of revenue. Many licensing agreements also require minimum royalty commitments. When royalty fees are paid in advance, we record these payments as a prepaid asset. If we determine that it is probable that the expected revenue will not be realized, a reserve is recorded against the prepaid asset for the non-recoverable portion. As of December 31, 2023, we recorded a prepaid asset of $25.1 million, net of a reserve of $4.5 million. As of December 31, 2022, we recorded a prepaid asset of $13.0 million, net of a reserve of $0.8 million.
We record a royalty liability as revenues are earned based on the terms of the licensing agreement. In situations where a minimum commitment is not expected to be met based on expected revenues, we will accrue up to the minimum amount when it is reasonably certain that revenues generated will not meet the minimum commitment. Royalty and license expense is recorded within cost of sales on the consolidated statements of income. Royalty expenses for the years ended December 31, 2023, 2022 and 2021, were $179.7 million, $213.1 million and $161.6 million, respectively.
Advertising and Marketing Costs
Advertising and marketing costs are expensed when the advertising or marketing event takes place. These costs include the fees to participate in trade shows and Comic-Cons, as well as costs to develop promotional video and other online content created for advertising purposes. These costs are included in selling, general and administrative expenses and for the years ended December 31, 2023, 2022 and 2021 were $31.3 million, $26.7 million, and $17.1 million, respectively.
The Company enters into cooperative advertising arrangements with customers. The fees related to these arrangements are recorded as a reduction of net sales in the accompanying consolidated statements of income because the Company has determined it does not receive an identifiable benefit and cannot reasonably estimate the fair value of these arrangements.
Product Design and Development Costs
Product design and development costs are recognized in selling, general and administrative expenses in the consolidated statements of operations as incurred. Product design and development costs for the years ended December 31, 2023, 2022 and 2021, were $8.0 million, $10.2 million, and $6.8 million, respectively.
Foreign Currency
We have international sales and operating expenses that are denominated in local functional currencies. The functional currency of our international subsidiaries is the same as the local currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at period-end foreign exchange rates, and revenues and expenses are translated at average rates prevailing throughout the period. Translation adjustments are included in other comprehensive income (loss) on the consolidated statements of comprehensive income (loss). Transaction gains and losses including intercompany transactions denominated in a currency other than the functional currency of Funko, Inc. are included in other expense, net on our consolidated statements of operations. In connection with the settlement and remeasurement of intercompany balances, we recorded a $0.7 million gain, a $0.1 million gain and a nominal loss for the years ended December 31, 2023, 2022 and 2021, respectively.
The income tax effects related to the unrealized foreign currency component of other comprehensive (loss) income are reclassified to earnings only when the net investment is sold, or when a liquidation of the respective net investment in the foreign entity is substantially completed.
Deferred Tax Assets and Tax Receivable Agreement
During the year ended December 31, 2023, the Company determined that based on all the available evidence, including the Company’s three-year cumulative pre-tax loss position, it is not more likely than not that the results of operations will generate sufficient taxable income to realize its deferred tax assets. Consequently, the Company established a full valuation allowance of $123.2 million against its deferred tax assets, thus reducing the carrying balance to $0, and recognized a corresponding increase to tax expense in the consolidated statements of operations and comprehensive (loss) income in the year ended December 31, 2023. There was no change to that assessment as of December 31, 2023.
As a result of the full valuation allowance on the deferred tax assets, and projected inability to fully utilize all or part of the related tax benefits, the Company determined that certain payments to the TRA Parties related to unrealized tax benefits under the TRA are no longer probable and estimable. Based on this assessment, the Company reduced its TRA Liability as of June 30, 2023, to $9.6 million, and recognized a gain of $99.6 million within the accompanying consolidated statements of operations and comprehensive (loss) income. The Company performed a true-up in the fourth quarter of 2023 based on the filed 2022 consolidated tax return and recognized a further reduction in TRA liability and corresponding $603 thousand gain within the accompanying consolidated statements of operations and comprehensive (loss) income. There was no change to that assessment as of December 31, 2023.
Assets Held-for-Sale
The Company evaluates the held-for-sale criteria under ASC 350 when it commits to a plan to sell an asset or disposal group. Assets that qualify as held-for-sale are reported at the lower of its carrying value or its fair value less cost to sell. Assets held-for-sale are included within prepaid expenses and other current assets on the Company's consolidated balance sheets.
Recently Adopted Accounting Standards
There were no recently adopted accounting standards during the year ended December 31, 2023 that had a material effect on the financial statements.
Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update ("ASU") amending existing crypto asset disclosures, primarily requiring detailed disclosures about the types of crypto assets held by entities and the changes in those holdings. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the ASU to determine its impact on crypto asset disclosures.
In December 2023, the Financial Accounting Standards Board issued an ASU amending existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid by jurisdiction and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and it can be applied on either a prospective or retroactive basis. The Company is currently evaluating the ASU to determine its impact on income tax disclosures.
v3.24.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
On January 19, 2023, the Company acquired 100% of the stock outstanding in MessageMe, Inc. (d/b/a HipDot), a cosmetics company with innovative licensed collaborations in unique form factors. The final purchase consideration was $6.0 million in cash. The Company recognized an intangible asset of $1.8 million, with a useful life of 10 years for the HipDot trade name, cash of $0.6 million, liabilities of $0.5 million and the remaining $4.1 million was allocated to Goodwill.
On June 8, 2022, the Company acquired 100% of the membership interests in Mondo Collectibles, LLC (f/k/a Mondo Tees Buyer, LLC) (“Mondo”), a high-end pop culture collectibles company that creates vinyl records, posters, toys, apparel, books, games and other collectibles. This transaction represented an opportunity to expand the Company’s product offerings into vinyl records, posters and other high-end collectibles. The Company accounted for the acquisition as a business combination. The final purchase consideration was $14.0 million in cash.
Goodwill of $5.5 million is calculated as the excess of the purchase price paid over the net assets acquired. The Company does not expect the goodwill as recognized, to be deductible for tax purposes. An intangible asset of $7.4 million, with a useful life of 10 years was recognized for the Mondo trade name.
The activity of Mondo as included in the Company’s consolidated statements of operations from the acquisition date to December 31, 2023 was not material.
The following table shows the final purchase price allocation for the Mondo acquisition as of June 8, 2022 (in thousands):
Assets (Liabilities) Acquired (Assumed)
at Fair Value
Cash$37 
Accounts receivable702 
Inventory2,508 
Other current assets2,545 
Intangible assets7,370 
Goodwill5,458 
Current liabilities(4,616)
Consideration transferred$14,004 
v3.24.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. The Company evaluates goodwill for impairment annually on October 1 of each year and upon the occurrence of triggering events or substantive changes in circumstances that could indicate a potential impairment by assessing qualitative factors or performing a quantitative analysis in determining whether it is more likely than not that the fair value of the net assets is below their carrying amounts. The Company has determined that it has one reporting unit for which discrete financial information is available and results are regularly reviewed by management.
No impairment charges relating to goodwill were recorded in the years ended December 31, 2023, 2022 and 2021.
The following table presents the balances of goodwill as of 2023 and 2022 (in thousands):
Goodwill
Balance as of January 1, 2022$126,651 
Acquisition5,117 
Foreign currency remeasurement(388)
Balance as of December 31, 2022$131,380 
Acquisition4,065 
Reclassification to assets held-for-sale(2,162)
Foreign currency remeasurement512 
Balance as of December 31, 2023$133,795 
The Company’s long-lived asset group, which includes intangible assets, property and equipment and operating lease right-of-use assets net of operating lease liabilities, is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset (or asset group), a significant change in the extent or manner in which an asset (or asset group) is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable.
Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date. Intangible assets acquired include intellectual property (product design), customer, licensor and supplier relationships, trade names, and noncompetition agreements. These are definite-lived assets and are amortized on a straight-line basis over their estimated useful lives. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. As of December 31, 2023 and 2022, there were also $0.1 million in indefinite-lived assets not subject to amortization but tested for impairment. There were no, $0.2 million and no impairment charges relating to indefinite-lived intangible assets recorded in the years ended December 31, 2023, 2022 and 2021, respectively.
The following table provides the details of remaining identified intangible assets, by major class, for the periods indicated (in thousands):
December 31, 2023December 31, 2022
Estimated
Useful Life
(Years)
Gross
Carrying
Amount
Accumulated
Amortization
Intangible
Assets,
Net
Gross
Carrying
Amount
Accumulated
Amortization
Intangible
Assets, Net
Intangible assets subject
  to amortization:
Intellectual property
3 - 20
$115,331 $(47,638)$67,693 $115,331 $(41,897)$73,434 
Trade names
10 - 20
92,528 (35,792)56,736 90,728 (30,622)60,106 
Customer relationships
3 - 20
71,463 (32,378)39,085 71,278 (28,520)42,758 
Licensor relationships
10 - 20
11,116 (7,330)3,786 10,991 (6,145)4,846 
Total$290,438 $(123,138)$167,300 $288,328 $(107,184)$181,144 
Amortization expense for the years ended December 31, 2023, 2022 and 2021 was $15.8 million, $15.4 million, and $16.2 million, respectively. The future five-year amortization of intangibles subject to amortization at December 31, 2023 was as follows (in thousands):
Amortization
2024$15,707 
202515,707 
202615,707 
202714,544 
202813,862 
Thereafter91,773 
Total$167,300 
v3.24.0.1
Accounts Receivable, Net
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Accounts Receivable, Net Accounts Receivable, Net
Accounts receivable, net, primarily represent customer receivables, recorded at invoiced amount, net of a sales allowance and an allowance for doubtful accounts. A sales allowance is determined based on various factors, including the overall business environment, historical trends and information from customers, such as agreed upon customer contract terms as well as historical experience from the customer. An allowance for doubtful accounts is determined based on various factors, including specific identification of balances at risk for not being collected, historical experience, existing economic conditions and supportable forecasted changes.
The Company evaluates its general portion of the allowance for doubtful accounts based on historical loss information and applies reserve percentages based on aging schedule. Days past due is calculated from contractual due date of the trade receivable contract. The composition of the trade receivables is consistent with that used in developing the historical credit-loss percentages and evaluated to reflect current conditions and supportable forecasted changes. The trade receivables are generally due in 30 to 90 days.
In addition to the general portion of the allowance for doubtful accounts, certain doubtful accounts are evaluated for a specific reserve. These accounts generally include significantly past due or other factors known where a substantial portion or all of the balance is deemed to be uncollectible. Receivables are written-off when all reasonable collection efforts have been exhausted and it is probable the balance will not be collected.
Accounts receivable, net consisted of the following (in thousands):
December 31,
20232022
Accounts receivable$180,000 $232,816 
Less: Allowance for sales discounts
(44,121)(57,332)
Less: Allowance for doubtful accounts
(5,048)(7,589)
Accounts receivable, net$130,831 $167,895 
Accounts receivable includes a $0.8 million and $1.5 million tenant improvement receivable from a lessor as of December 31, 2023 and 2022. In addition, accounts receivable as of December 31, 2023 and 2022 includes an income tax receivable of $0.3 million and $7.8 million. The remaining balance is customer receivables. Bad debt expense was $0.3 million, $6.1 million and $0.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Activity in our allowance for doubtful accounts was as follows (in thousands):
December 31,
20232022
Allowance for doubtful accounts - beginning$7,589 $3,156 
Charged to costs 294 6,127 
Write offs(2,835)(1,694)
Allowance for doubtful accounts - ending$5,048 $7,589 
v3.24.0.1
Prepaid Expenses and Other Current Assets
 12 Months Ended
Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]  
Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
December 31,
20232022
Prepaid deposits for inventory and molds
$2,428 $2,500 
Prepaid royalties, net
25,079 12,985 
Crypto asset safeguarding asset6,060 11,271 
Assets held-for-sale8,694 — 
Other prepaid expenses and current assets
13,873 12,892 
Prepaid expenses and other current assets
$56,134 $39,648 
v3.24.0.1
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
December 31,
20232022
Tooling and molds
$176,447 $145,021 
Leasehold improvements
74,034 68,160 
Computer equipment, software and other
13,222 15,315 
Furniture, fixtures and warehouse equipment
27,465 24,714 
Construction in progress
173 7,348 
$291,341 $260,558 
Less: Accumulated depreciation
(200,006)(158,326)
Property and equipment, net
$91,335 $102,232 
Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $44.0 million, $32.2 million, and $25.0 million, respectively.
v3.24.0.1
Accrued Expenses and Other Current Liabilities
 12 Months Ended
Dec. 31, 2023
Accrued Liabilities And Other Current Liabilities [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
December 31,
20232022
Accrued payroll and compensation$20,320 $25,146 
Accrued shipping & freight costs5,119 21,698 
Accrued sales taxes2,156 1,377 
Current liabilities under tax receivable agreement8,960 9,567 
Crypto asset safeguarding liability6,060 11,271 
Deferred revenue9,914 8,674 
Other current liabilities
37,965 35,099 
Accrued liabilities and other current liabilities$90,494 $112,832 
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s financial instruments, other than those discussed below, include cash, accounts receivable, accounts payable, and accrued liabilities. The carrying amount of these financial instruments approximate fair value due to the short-term nature of these instruments. For financial instruments measured at fair value on a recurring basis, the Company prioritizes the inputs used in measuring fair value according to a three-tier fair value hierarchy defined by U.S. GAAP. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability.
Cash equivalents. As of December 31, 2023 and 2022, cash equivalents included $13.5 million and $0.5 million, respectively, of highly liquid money market funds, which are classified as Level 1 within the fair value hierarchy.
Crypto asset safeguarding liability and corresponding asset. The crypto asset safeguarding liability and corresponding safeguarding asset are measured and recorded at fair value on a recurring basis using prices available in the market the Company determines to be the principal market at the balance sheet date. The Company utilizes recent blockchain sales data through its own Droppp Marketplace to value the NFTs held in platform users' accounts for which it holds the cryptographic key information. As of December 31, 2023 and 2022, the estimated fair value of the crypto asset safeguarding liability and corresponding asset was $6.1 million and $11.3 million, respectively classified at Level 2 within the fair value hierarchy.
Debt. The estimated fair values of the Company’s debt instruments, which are classified as Level 3 financial instruments, at December 31, 2023 and 2022, was approximately $154.9 million and $177.5 million, respectively. The carrying values of the Company’s debt instruments at December 31, 2023 and 2022, were $153.1 million and $175.8 million, respectively. The estimated fair value of the Company’s debt instruments primarily reflects assumptions regarding credit spreads for similar floating-rate instruments with similar terms and maturities and the Company's standalone credit risk.
v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
Debt consists of the following (in thousands):
December 31,
20232022
Revolving Credit Facility$120,500 $70,000 
Term Loan Facility139,500 157,500 
Equipment Finance Loan15,419 20,000 
Debt issuance costs
(1,861)(1,681)
Total term debt
153,058 175,819 
Less: current portion
22,072 22,041 
Long-term debt, net
$130,986 $153,778 
Maturities of long-term debt for each of the next five years and thereafter are as follows (in thousands):
Term Facilities
2024$22,850 
202523,134 
2026108,935 
Total
$154,919 
Credit Facilities
On September 17, 2021, FAH, LLC and certain of its material domestic subsidiaries from time to time (the “Credit Agreement Parties”) entered into a new credit agreement (as amended from time to time, the “Credit Agreement”) with JPMorgan Chase Bank, N.A., PNC Bank, National Association, KeyBank National Association, Citizens Bank, N.A., Bank of the West, HSBC Bank USA, National Association, Bank of America, N.A., U.S. Bank National Association, MUFG Union Bank, N.A., and Wells Fargo Bank, National Association (collectively, the “Initial Lenders”) and JPMorgan Chase Bank, N.A. as administrative agent, providing for a term loan facility in the amount of $180.0 million (the “Term Loan Facility”) and a revolving credit facility of $100.0 million (the “Revolving Credit Facility”) (together the “Credit Facilities”). Proceeds from the Credit Facilities were primarily used to repay the Company's former credit facilities. On April 26, 2022, the Credit Agreement Parties entered into Amendment No. 1 to the Credit Agreement (the “First Amendment”) with the Initial Lenders and JPMorgan Chase Bank, N.A. as administrative agent, which allows for additional Restricted Payments (as defined in the First Amendment) using specified funding sources. On July 29, 2022, the Credit Agreement Parties entered into Amendment No. 2 to the Credit Agreement (the “Second Amendment”) with the Initial Lenders and Goldman Sachs Bank USA (collectively, the “Lenders”) and JPMorgan Chase Bank, N.A. as administrative agent, which increased the Revolving Credit Facility to $215.0 million and converted the Credit Facility interest rate index from Borrower (as defined in the Credit Agreement) option LIBOR to SOFR.
On February 28, 2023, the Credit Agreement Parties entered into an Amendment No. 3 (the “Third Amendment”) to the Credit Agreement to, among other things, (i) modify the financial covenants under the Credit Agreement for the period beginning on the date of the Third Amendment through the fiscal quarter ending December 31, 2023 (the “Waiver Period”), (ii) reduce the size of the Revolving Credit Facility from $215.0 million to $180.0 million as of the date of the Third Amendment and thereafter to $150.0 million on December 31, 2023, which reduction is permanent after the Waiver Period, (iii) restrict the ability to draw on the Revolving Credit Facility during the Waiver Period in excess of the amount outstanding on the date of the Third Amendment, (iv) increase the margin payable under the Credit Facilities during the Waiver Period to (a) 4.00% per annum with respect to any Term Benchmark Loan or RFR Loan (each as defined in the Credit Agreement), and (b) 3.00% per annum with respect to any Canadian Prime Loan or ABR Loan (as defined in the Credit Agreement), (v) allow that any calculation of Consolidated EBITDA (each as defined in the Credit Agreement) that includes the fiscal quarters during the Waiver Period may include certain agreed upon amounts for certain addbacks, (vi) further limit our ability to make certain restricted payments, including the ability to pay dividends or make other distributions on equity interests, or redeem, repurchase or retire equity interests, incur additional indebtedness, incur additional liens, enter into sale and leaseback transactions or issue additional equity interests or securities convertible into or exchange for equity interests (other than the issuance of common stock) during the Waiver Period, (vii) require a minimum qualified cash requirement of at least $10.0 million and (viii) require a mandatory prepayment of the Revolving Credit Facility during the Waiver Period with any qualified cash proceeds in excess of $25.0 million. Beginning in the fiscal quarter ending March 31, 2024, the Third Amendment resets the maximum Net Leverage Ratio and the minimum Fixed Charge Coverage Ratio (each as defined in the Credit Agreement) that must be maintained by the Credit Agreement Parties to 2.50:1.00 and 1.25:1.00, respectively, which were the ratios in effect under the Credit Agreement prior to the Third Amendment.
The Term Loan Facility matures on September 17, 2026 (the “Maturity Date”) and amortizes in quarterly installments in aggregate amounts equal to 2.50% of the original principal amount of the Term Loan Facility, with any outstanding balance due and payable on the Maturity Date. The first amortization payment commenced with the quarter ended on December 31, 2021. The Revolving Credit Facility also terminates on the Maturity Date and loans thereunder may be borrowed, repaid, and reborrowed up to such date.
Loans under the Credit Facilities will, at the Borrowers’ option, bear interest at either (i) SOFR, EURIBOR, HIBOR, CDOR, Daily Simple SONIA and/or the Central Bank Rate, as applicable, plus (x) 4.00% per annum and (y) solely in the case of Term SOFR based loans 0.10% per annum or (ii) ABR or the Canadian prime rate, as applicable, plus 3.00%, in each case of clauses (i) and (ii), subject to two 0.25% step-downs based on the achievement of certain leverage ratios following February 28, 2023. Each of SOFR, EURIBOR, HIBOR, CDOR and Daily Simple SONIA rates are subject to a 0% floor. For loans based on ABR, the Central Bank Rate or the Canadian prime rate, interest payments are due quarterly. For loans based on Daily Simple SONIA, interest payments are due monthly. For loans based on SOFR, EURIBOR, HIBOR or CDOR, interest payments are due at the end of each applicable interest period.
The Credit Facilities are secured by substantially all of the assets of FAH, LLC and any of its existing or future material domestic subsidiaries, subject to customary exceptions. As of December 31, 2023, the Credit Agreement Parties were in compliance with the modified covenants that were amended pursuant to the Third Amendment and within the Waiver Period and as of December 31, 2022, the Credit Agreement Parties were in compliance with all of the covenants in its Credit Agreement.
At December 31, 2023 and 2022, the Credit Agreement Parties had $139.5 million and $157.5 million of borrowings outstanding under the Term Loan Facility, respectively, and $120.5 million and $70.0 million outstanding borrowings under the Revolving Credit Facility, respectively. Outstanding borrowings under the Revolving Credit Facility at December 31, 2023 are due within 30 days of the applicable draw. At December 31, 2023 and 2022, the Company had $20.5 million and $145.0 million available under the Revolving Credit Facility, respectively.
There were no outstanding letters of credit as of December 31, 2023 and 2022.
Equipment Finance Loan
On November 25, 2022, Funko, LLC, Funko Games, LLC, Funko Acquisition Holdings, L.L.C., Funko Holdings LLC and Loungefly, LLC, (collectively, "Equipment Finance Credit Parties"), entered into a $20.0 million equipment finance agreement ("Equipment Finance Loan") with Wells Fargo Equipment Finance, Inc. The loan is to be repaid in 48 monthly equal installments starting January 15, 2023 utilizing an annual fixed interest rate of 5.71%.
The Equipment Finance Loan is secured by certain identified assets held within our Buckeye, Arizona warehouse.
At December 31, 2023 and 2022, the Company had $15.4 million and $20.0 million outstanding under the Equipment Finance Loan, respectively.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
The Company has entered into non-cancellable operating leases for office, warehouse, and distribution facilities, with original lease periods expiring through 2032. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company combines lease and non-lease components for new and reassessed leases.
Some operating leases also contain the option to renew for five years periods at prevailing market rates at the time of renewal. In addition to minimum rent, certain of the leases require payment of real estate taxes, insurance, common area maintenance charges, and other executory costs. For certain leases the Company receives lease incentives, such as tenant improvement allowances, and records those as adjustments to operating lease right-of-use assets and operating leases liabilities on the consolidated balance sheets and amortize the lease incentives on a straight-line basis over the lease term as an adjustment to rent expense. Rent expense, included in selling, general and administrative expenses on the consolidated statements of operations, was $29.4 million, $24.5 million and $16.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. During the year ended December 31, 2023, the Company terminated an agreement for a lease that had not commenced and incurred a charge of approximately $4.2 million.
During the years ended December 31, 2023 and 2022, operating cash outflows relating to operating lease liabilities were $19.5 million and $16.0 million, respectively. Operating lease right-of-use assets obtained in exchange for new operating lease obligations was $0.9 million during the year ended December 31, 2023. Operating lease right-of-use assets obtained in exchange for new operating lease obligations was $54.1 million, with $17.2 million lease incentives obtained, during the year ended December 31, 2022. As of December 31, 2023 and 2022, the Company’s operating leases had a weighted-average remaining term of 6.7 years and 7.4 years, respectively, and weighted-average discount rates of 5.78% and 5.76%, respectively. Excluded from the measurement of operating lease liabilities and operating lease right-of-use assets were certain warehouse and distribution contracts that either qualify for the short-term lease recognition exception and/or do not give the Company the right to control the warehouse and/or distribution facilities underlying the contract.
In January 2020, the Company entered into a non-cancellable operating sub-lease for office space expiring in 2024. Rental income recognized for the years ended December 31, 2023, 2022 and 2021 was $0.6 million, $0.4 million and $0.3 million, respectively, included as a reduction of selling, general and administrative expenses on the consolidated statements of operations.
The future payments on the Company’s operating lease liabilities as of December 31, 2023 were as follows (in thousands):
2024$18,076 
202517,122 
202617,453 
202712,952 
202812,163 
Thereafter29,654 
Total lease payments107,420 
Less: imputed interest(18,625)
Total$88,795 
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
(Loss) income before income taxes consisted of (in thousands):
Year Ended December 31,
202320222021
Domestic$(46,847)$(39,077)$72,758 
Foreign14,906 16,036 12,157 
(Loss) income before income taxes$(31,941)$(23,041)$84,915 
Income Tax Expense (Benefit)
Funko, Inc. is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it from FAH, LLC based upon Funko, Inc.’s economic interest held in FAH, LLC. FAH, LLC is treated as a pass-through partnership for income tax reporting purposes. FAH, LLC’s members, including the Company, are liable for federal, state and local income taxes based on their share of FAH, LLC’s pass-through taxable income (loss).
The components of the Company’s income tax expense (benefit) consisted of the following (in thousands):
Year Ended December 31,
202320222021
Current income taxes:
Federal
$5,574 $(4,766)$12,894 
State and local
71 1,629 1,825 
Foreign
3,728 2,750 2,703 
Current income taxes
$9,373 $(387)$17,422 
Deferred income taxes:
Federal
$105,236 $(11,227)$(185)
State and local
17,888 (5,945)(18)
Foreign
— (242)(158)
Deferred income taxes
123,124 (17,414)(361)
Income tax expense (benefit)$132,497 $(17,801)$17,061 
A reconciliation of income tax expense (benefit) from operations computed at the U.S. federal statutory income tax rate to the Company’s effective income tax rate are as follows:
Year Ended December 31,
202320222021
Expected U.S. federal income taxes at statutory rate21.0 %21.0 %21.0 %
State and local income taxes, net of federal benefit(56.2)20.2 1.7 
Foreign taxes
(9.3)(9.9)2.5 
Foreign tax credit— 11.7 — 
Non-deductible expenses
(0.9)(2.1)(1.1)
Change in valuation allowance
(340.5)47.2 2.3 
Non-controlling interest
(6.8)2.6 (6.0)
Share-based compensation(1.6)(19.8)0.1 
Return to provision(23.8)4.9 1.5 
Other, net
3.3 1.5 (1.9)
Income tax expense(414.8)%77.3 %20.1 %
The Company’s annual effective tax rate in 2023 is different than the statutory rate of 21% due to the valuation allowance. The Company's annual effective tax rate for 2022 is different than the statutory rate of 21%, primarily due to a partial release of the valuation allowance, the limitation of future share based compensation pursuant to Section 162(m) of the Internal Revenue Code (the "Code"), and the Company is not liable for income taxes on the portion of FAH, LLC’s earnings that are attributable to non-controlling interests. The Company's annual effective tax rate in 2021 was less than the statutory rate of 21%, primarily because the Company is not liable for income taxes on the portion of FAH, LLC’s earnings that are attributable to non-controlling interests.
Deferred Income Taxes
The significant items comprising deferred tax assets and liabilities is as follows (in thousands):
December 31,
20232022
Deferred tax assets:
Investment in partnership
$86,337 $93,923 
Tax receivable agreement liability2,150 26,860 
Stock-based compensation
6,790 5,402 
Foreign tax credit62 834 
Other carryforwards146 826 
Net operating loss carryforward34,867 — 
Gross deferred tax assets
130,352 127,845 
Valuation allowance
(130,352)(3,952)
Deferred tax assets, net of valuation allowance
— 123,893 
Deferred tax liabilities:
Property and equipment
(402)(382)
Gross deferred tax liabilities
(402)(382)
Net deferred tax assets$(402)$123,511 
The Company evaluates its ability to realize deferred tax assets on a quarterly basis and establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset may not be realized. During the year ended December 31, 2023, the Company determined that based on all the available evidence, including the Company’s three-year cumulative pre-tax loss position, it is not more likely than not that the results of operations will generate sufficient taxable income to realize its deferred tax assets. Consequently, the Company established a full valuation allowance of $123.2 million against its deferred tax assets, thus reducing the carrying balance to $0, and recognized a corresponding increase to tax expense in the consolidated statements of operations and comprehensive (loss) income in the year ended December 31, 2023. As of December 31, 2022, the Company recognized a deferred tax asset of $93.9 million, associated with the basis difference in its investment in FAH, LLC upon acquiring these LLC interests. However, a portion of the total basis difference will only reverse upon the eventual sale of its interest in FAH, LLC, which we expect would result in a capital loss. As of December 31, 2022, the Company has a valuation allowance in the amount of $4.0 million, against the deferred tax asset. The Company released $11.0 million valuation allowance during the year ended December 31, 2022, related to a discrete benefit on the outside basis deferred tax asset.
Uncertain Tax Positions
The Company regularly evaluates the likelihood of realizing the benefit from income tax positions that we have taken in various federal, state and foreign filings by considering all relevant facts, circumstances and information available. If the Company determines it is more likely than not that the position will be sustained, a benefit will be recognized at the largest amount that we believe is cumulatively greater than 50% likely to be realized.
There are no unrecognized tax benefits for uncertain tax positions for the three years ended December 31, 2023, 2022 and 2021.
Interest and penalties related to income tax matters are classified as a component of income tax expense (benefit). As of December 31, 2023, and 2022, we have not recorded any interest or penalties as the amounts were not material. Unrecognized tax benefits are recorded in other long-term liabilities on the consolidated balance sheets.
Other Matters
The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is subject to U.S. federal, state, and local income tax examinations by tax authorities for years after 2019 and subject to examination for all foreign income tax returns for fiscal 2023 and 2022. There were no open tax examinations at December 31, 2023.
Tax Receivable Agreement
The Company is party to the Tax Receivable Agreement with FAH, LLC and each of the Continuing Equity Owners and certain transferees of the Continuing Equity Owners that have been joined as parties to the Tax Receivable Agreement (such parties, "TRA Parties") that provides for the payment by the Company to the Continuing Equity Owners under certain circumstances. See Note 13, Liabilities under Tax Receivable Agreement.
v3.24.0.1
Liabilities under Tax Receivable Agreement
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Liabilities under Tax Receivable Agreement Liabilities under Tax Receivable Agreement
The Company is party to the Tax Receivable Agreement with FAH, LLC and each of the TRA Parties that provides for the payment by the Company to the TRA Parties of 85% of the amount of tax benefits, if any, that it realizes, or in some circumstances, is deemed to realize, as a result of (i) future redemptions funded by the Company or exchanges, or deemed exchanges in certain circumstances, of common units for Class A common stock or cash, and (ii) certain additional tax benefits attributable to payments made under the Tax Receivable Agreement. FAH, LLC will have in effect an election under Section 754 of the Internal Revenue Code effective for each taxable year in which a redemption or exchange (including deemed exchange) of common units for cash or stock occurs. These tax benefit payments are not conditioned upon one or more of the TRA Parties maintaining a continued ownership interest in FAH, LLC. In general, the TRA Parties’ rights under the Tax Receivable Agreement are assignable, including to transferees of common units in FAH, LLC (other than the Company as transferee pursuant to a redemption or exchange of common units in FAH, LLC). The Company may expect to benefit from the remaining 15% of the tax benefits, if any, that the Company may realize.
The Company is generally not obligated to make any payments under the Tax Receivable Agreement until the tax benefits associated with a relevant transaction that gave rise to the payment are realized. Amounts payable under the Tax Receivable Agreement are contingent upon, among other things, (i) the generation of future taxable income over the term of the Tax Receivable Agreement and (ii) future changes in tax laws. If the Company does not generate sufficient taxable income in the aggregate over the term of the Tax Receivable Agreement to utilize the tax benefits, then it would not be required to make the related Tax Receivable Agreement payments. During years ended December 31, 2023 and 2022, the Company acquired an aggregate of 1.8 million and 6.5 million common units of FAH, LLC, respectively, in connection with the redemption of common units, which resulted in an increase in the tax basis of our investment in FAH, LLC subject to the provisions of the Tax Receivable Agreement. As a result of these exchanges, during the years ended December 31, 2023 and 2022, the Company recognized an increase to its net deferred tax assets in the amount of $0.0 million and $30.6 million, respectively, and corresponding Tax Receivable Agreement liabilities, representing 85% of the aggregate tax benefits we expect to realize from the tax basis increases related to the redemption of FAH, LLC common units.
As a result of the full valuation allowance on the deferred tax assets, and projected inability to fully utilize all or part of the related tax benefits, the Company determined that certain payments to the TRA Parties related to unrealized tax benefits under the TRA are no longer probable and estimable. Based on this assessment, the Company reduced its TRA Liability as of June 30, 2023, to $9.6 million, and recognized a gain of $99.6 million within the accompanying consolidated statements of operations and comprehensive (loss) income. The Company performed a true-up in the fourth quarter of 2023 based on the filed 2022 consolidated tax return and recognized a further reduction in TRA liability and corresponding $603 thousand gain for the year ended December 31, 2023. There were no transactions subject to the Tax Receivable Agreement for which the Company did not recognize the related liability during the years ended December 31, 2022 and 2021, as we concluded at such time that it was probable that the Company would have sufficient future taxable income to utilize all of the related tax benefits.
The following table summarizes changes in the amount of the Company’s Tax Receivable Agreement liability (in thousands):
Year Ended December 31,
202320222021
Beginning Balance$109,187 $82,884 $62,318 
Additional liabilities for exchanges— 30,034 20,691 
Adjustment to remeasurement of liabilities(100,223)3,987 1,590 
Payments under tax receivable agreement(4)(7,718)(1,715)
Ending balance $8,960 $109,187 $82,884 
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
License Agreements
The Company enters into license agreements with various licensors of copyrighted and trademarked characters and design in connection with the products that it sells. The agreements generally require royalty payments based on product sales and in some cases may require minimum royalty and other related commitments. The Company is expected to incur $80.4 million in minimum guaranteed royalty payments under licensing arrangements, including $31.1 million in 2024, $48.8 million in 2025, $0.2 million in 2026 and $0.2 million in 2027.
Employment Agreements
The Company has employment agreements with certain officers. The agreements include, among other things, an annual bonus based on certain performance metrics of the Company, as defined by the board, and up to one year’s severance pay beyond termination date.
Debt
The Company has entered into a Credit Facility which includes a term loan facility and a revolving credit facility. The Company has also entered into an Equipment Finance Loan. See Note 10, Debt.
Leases
The Company has entered into non-cancellable operating leases for office, warehouse, and distribution facilities, with original lease periods expiring through 2032. Some operating leases also contain the option to renew for five-year periods at prevailing market rates at the time of renewal. In addition to minimum rent, certain of the leases require payment of real estate taxes, insurance, common area maintenance charges, and other executory costs. See Note 11, Leases.
Liabilities under Tax Receivable Agreement
The Company is party to the Tax Receivable Agreement with FAH, LLC and each of the TRA Parties that provides for the payment by the Company to the TRA Parties under certain circumstances. The Company is expected to incur $9.0 million in 2024. See Note 13, Liabilities under Tax Receivable Agreement.
Legal Contingencies
The Company is involved in claims and litigation in the ordinary course of business, some of which seek monetary damages, including claims for punitive damages, which are not covered by insurance. For certain pending matters, accruals have not been established because such matters have not progressed sufficiently through discovery, and/or development of important factual information and legal information is insufficient to enable the Company to estimate a range of possible loss, if any. An adverse determination in one or more of these pending matters could have an adverse effect on the Company’s consolidated financial position, results of operations or cash flows.
The Company is, and may in the future become, subject to various legal proceedings and claims that arise in or outside the ordinary course of business. For example, several stockholder derivative actions based on the earnings announcement and Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 have been brought on behalf of the Company against certain of its directors and officers. Specifically, on April 23, June 5, and June 10, 2020, the actions captioned Cassella v. Mariotti et al., Evans v. Mariotti et al., and Igelido v. Mariotti et al., respectively, were filed in the United States District Court for the Central District of California. On July 6, 2020, these three actions were consolidated for all purposes into one action under the title In re Funko, Inc. Derivative Litigation, and on August 13, 2020, the consolidated action was stayed. On May 9, 2022, another complaint, asserting substantially similar claims, was filed in the U.S. District Court for the Central District of California, captioned Smith v. Mariotti, et al. On July 5, 2022, two purported stockholders filed an additional derivative action in the Court of Chancery of the State of Delaware, captioned Fletcher, et al. v. Mariotti. In March 2023, the Company reached a non-monetary settlement in principle in In re Funko, Inc. Derivative Litigation, Smith v. Mariotti, and Fletcher, et al. v. Mariotti and the actions were stayed pending finalization of the settlement. On March 4, 2024, plaintiffs filed a motion for preliminary approval of the settlement with the Court. As part of the settlement, the plaintiffs agreed to dismiss their claims on behalf of the corporation in exchange for a set of corporate governance reforms and attorney’s fees and expenses. The attorney’s fees and expenses will be paid out of Funko’s directors and officers insurance.The motion for preliminary approval of the settlement remains pending.
On June 11, 2021, a purported stockholder filed a related derivative action, captioned Silverberg v. Mariotti, et al., in the Court of Chancery of the State of Delaware. The Company moved to dismiss the Silverberg complaint on April 3, 2023. Plaintiff responded on May 3, 2023, and briefing was completed on May 25, 2023. The motion remains pending before the Court of Chancery.
Additionally, between November 16, 2017 and June 12, 2018, seven purported stockholders of the Company filed putative class action lawsuits in the Superior Court of Washington in and for King County against the Company, certain of its officers and directors, ACON, Fundamental Capital, the underwriters of its IPO, and certain other defendants.
On July 2, 2018, the suits were ordered consolidated for all purposes into one action under the title In re Funko, Inc. Securities Litigation. On August 1, 2018, plaintiffs filed a consolidated complaint against the Company, certain of its officers and directors, ACON, Fundamental, and certain other defendants. The Company moved to dismiss twice, and the Court twice granted the Company's motions to dismiss, the second time with prejudice. Plaintiffs appealed, and on November 1, 2021, the Court of Appeals reversed the trial court’s dismissal decision in most respects. On May 4, 2022, the Washington State Supreme Court denied the Company’s petition, and the case was remanded to the Superior Court for further proceedings. The Company filed its answer on September 19, 2022 and discovery is currently ongoing. Plaintiffs filed a motion for class certification on July 7, 2023, and briefing was completed on the class certification motion on October 25, 2023. On November 6, 2023, the Washington Superior Court granted Plaintiffs’ motion for class certification.
On June 4, 2018, a putative class action lawsuit entitled Kanugonda v. Funko, Inc., et al. was filed in the United States District Court for the Western District of Washington against the Company, certain of its officers and directors, and certain other defendants. On January 4, 2019, a lead plaintiff was appointed in that case. On April 30, 2019, the lead plaintiff filed an amended complaint against the previously named defendants. The Company moved to dismiss the Complaint in the federal action, now captioned Berkelhammer v. Funko, Inc. et al., on June 14, 2023. Plaintiff filed an opposition on July 27, 2023, cross moving for an order voluntarily dismissing the action without prejudice so that he can pursue status as a class representative in In re Funko, Inc. Securities Litigation, or in the alternative, a court order denying defendants’ motion to dismiss. Briefing completed on August 18, 2023. On October 13, 2023, the District Court granted plaintiff’s motion for voluntary dismissal without prejudice, denied defendants’ motion to dismiss, and dismissed the action.
The cases in Washington state court and Berkelhammer v. Funko, Inc. et al. allege that the Company violated Sections 11, 12, and 15 of the Securities Act of 1933, as amended, by making allegedly materially misleading statements in documents filed with the U.S. Securities and Exchange Commission in connection with the Company’s IPO and by omitting material facts necessary to make the statements made therein not misleading. The lawsuits seek, among other things, compensatory statutory damages and rescissory damages in account of the consideration paid for the Company’s Class A common stock by the plaintiffs and members of the putative class, as well as attorneys’ fees and costs.
On January 18, 2022, a purported stockholder filed a putative class action lawsuit in the Court of Chancery of the State of Delaware, captioned Shumacher v. Mariotti, et al., relating to the Company’s corporate “Up-C” structure and bringing direct claims for breach of fiduciary duties against certain current and former officers and directors. On March 31, 2022, the defendants moved to dismiss the action. In response to defendants’ motion to dismiss. Plaintiff filed an Amended Complaint on May 25, 2022. The amendment did not materially change the claims at issue, and the Defendants again moved to dismiss on July 29, 2022. On December 15, 2022, Plaintiff opposed the Defendants’ motion to dismiss, and also moved for attorneys’ fees. Briefing on the motion to dismiss was completed on February 8, 2023; briefing on Plaintiff’s fee application was completed on April 10, 2023. The Court heard oral argument on both motions on July 24, 2023. On December 18, 2023, the Court denied Defendants’ motion to dismiss and denied Plaintiffs’ application for an interim fee. We filed our answer on January 26, 2024, and discovery is currently ongoing.
On June 2, 2023, a purported stockholder filed a putative class action lawsuit in the United States District Court for the Western District of Washington, captioned Studen v. Funko, Inc., et al. The Complaint alleges that the Company and certain individual defendants violated Sections 10(b) and 20(a) of the Exchange Act, as amended, as well as Rule 10b-5 promulgated thereunder by making allegedly materially misleading statements in documents filed with the SEC, as well as in earnings calls and presentations to investors, regarding a planned upgrade to its enterprise resource planning system and the relocation of a distribution center, as well as by omitting material facts about the same subjects necessary to make the statements made therein not misleading. The lawsuits seek, among other things, compensatory damages and attorneys’ fees and costs. On August 17, 2023, the Court appointed lead plaintiff, and on August 29, 2023, the parties submitted a joint stipulated scheduling order. Plaintiff’s amended complaint was filed October 19, 2023. The amendment adds additional allegations by including accounts from purported former employees and contractors. Plaintiff seeks to represent a putative class of investors who purchased or acquired Funko common stock between March 3, 2022 and March 1, 2023. The Company moved to dismiss on December 15, 2023, and the motion will be fully briefed by March 22, 2024.
The Company is party to additional legal proceedings incidental to its business. While the outcome of these additional matters could differ from management’s expectations, the Company does not believe that the resolution of such matters is reasonably likely to have a material effect on its results of operations or financial condition.
v3.24.0.1
Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segments Segments
The Company identifies its segments according to how the business activities are managed and evaluated and for which discrete financial information is available and for which is regularly reviewed by its Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance. Due to a change in executive management during the year ended December 31, 2023, we have redefined our named CODM from our prior Chief Executive Officer to our current Chief Financial Officer and Chief Operating Officer. Because its CODM reviews financial performance and allocates resources at a consolidated level on a regular basis, the Company has one segment.
The following table presents summarized product information as a percent of sales:
Year ended December 31,
202320222021
Core Collectibles73.3 %75.5 %79.8 %
Loungefly Branded Products19.6 %19.1 %14.7 %
Other
7.1 %5.4 %5.6 %
The following tables present summarized geographical information (in thousands):
Year ended December 31,
202320222021
Net sales:
United States$755,620 $966,324 $743,846 
Europe268,496 260,557 214,732 
Other International71,970 95,825 70,715 
Total net sales
$1,096,086 $1,322,706 $1,029,293 
December 31,
20232022
Long-lived assets:
United States
$110,308 $131,549 
Vietnam and China31,411 28,811 
United Kingdom
18,867 21,056 
Total long-lived assets
$160,586 $181,416 
v3.24.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company sells products to Forbidden Planet, a U.K. retailer through its wholly owned subsidiary Funko UK, Ltd. One of the investors in Forbidden Planet is an employee of Funko UK, Ltd. and an executive officer. For the years ended December 31, 2023, 2022 and 2021, the Company recorded approximately $2.5 million, $1.6 million and $0.8 million, respectively, in net sales from business with Forbidden Planet. At December 31, 2023 and 2022, accounts receivable from Forbidden Planet were $0.5 million and $0.2 million on the consolidated balance sheets, respectively.
In February 2019, in connection with the Forrest-Pruzan Acquisition, the Company assumed two leases of office space with Roll and Move, LLC and Roll and Move II LLC, both of which are owned by certain former owners of Forrest-Pruzan Creative LLC, one of whom was an employee of the Company. In 2022, the Company leased another space with the same landlord. For the years ended December 31, 2022 and 2021, the Company recorded $0.3 million, respectively of rental expense related to the leases, which was recorded in selling, general and administrative expenses in the Company’s consolidated statements of operations. The relationship was no longer a related party during the year ended December 31, 2023.
v3.24.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
We currently maintain the Funko 401(k) Plan, a defined contribution retirement and savings plan, for the benefit of our employees, including our named executive officers, who satisfy certain eligibility requirements. Our named executive officers are eligible to participate in the 401(k) Plan on the same terms as other full-time employees. The Code allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the 401(k) Plan. Currently, we match contributions made by participants in the 401(k) Plan up to 4% of the employee earnings, and these matching contributions are fully vested as of the date on which the contribution is made. We believe that providing a vehicle for tax-deferred retirement savings though our 401(k) Plan, and making fully vested matching contributions, adds to the overall desirability of our compensation package and further incentivizes our employees, including our named executive officers, in accordance with our compensation policies. The Company’s employer matching contributions were $3.3 million, $3.0 million and $1.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
The Amended and Restated Certificate of Incorporation authorizes the issuance of up to 200,000,000 shares of Class A common stock, up to 50,000,000 shares of Class B common stock and 20,000,000 shares of preferred stock, each having a par value of $0.0001 per share. Shares of Class A common stock have both economic and voting rights. Shares of Class B common stock have no economic rights, but do have voting rights. Holders of shares of Class A common stock and Class B common stock are entitled to one vote per share on all matters presented to stockholders. The Company’s board of directors has the discretion to determine the rights, preferences, privileges, restrictions and liquidation preferences of any series of preferred stock.
FAH, LLC Recapitalization
The FAH LLC Agreement, among other things, appointed the Company as FAH, LLC’s sole managing member and reclassified all outstanding membership interests in FAH, LLC as non-voting common units. As the sole managing member of FAH, LLC, the Company controls the management of FAH, LLC. As a result, the Company consolidates FAH, LLC’s financial results and reports a non-controlling interest related to the economic interest of FAH, LLC held by the Continuing Equity Owners.
The Amended and Restated Certificate of Incorporation and the FAH LLC Agreement requires FAH, LLC and the Company to, at all times, maintain (i) a one-to-one ratio between the number of shares of Class A common stock issued by the Company and the number of common units owned by the Company and (ii) a one-to-one ratio between the number of shares of Class B common stock owned by the Continuing Equity Owners and the number of common units owned by the Continuing Equity Owners (other than common units issuable upon the exercise of options and common units that are subject to time-based vesting requirements (the “Excluded Common Units”)). The Company may issue shares of Class B common stock only to the extent necessary to maintain the one-to-one ratio between the number of common units of FAH, LLC held by the Continuing Equity Owners (other than the Excluded Common Units) and the number of shares of Class B common stock issued to the Continuing Equity Owners. Shares of Class B common stock are transferable only together with an equal number of common units of FAH, LLC. Only permitted transferees of common units held by the Continuing Equity Owners will be permitted transferees of Class B common stock.
The Continuing Equity Owners may from time to time at each of their options (subject, in certain circumstances, to time-based vesting requirements) require FAH, LLC to redeem all or a portion of their common units in exchange for, at the Company’s election, newly-issued shares of our Class A common stock on a one-for-one basis or a cash payment equal to a volume weighted average market price of one share of Class A common stock for each common unit redeemed, in each case in accordance with the terms of the FAH LLC Agreement; provided that, at the Company’s election, the Company may effect a direct exchange of such Class A common stock or such cash, as applicable, for such common units. The Continuing Equity Owners may exercise such redemption right for as long as their common units remain outstanding. Simultaneously with the payment of cash or shares of Class A common stock, as applicable, in connection with a redemption or exchange of common units pursuant to the terms of the FAH LLC Agreement, a number of shares of our Class B common stock registered in the name of the redeeming or exchanging Continuing Equity Owner will be cancelled for no consideration on a one-for-one basis with the number of common units so redeemed or exchanged.
On May 3, 2022, the Company entered into a common unit subscription agreement with FAH, LLC pursuant to which the Company purchased 4,251,701 newly issued common units in exchange for a capital contribution of approximately $74.0 million (the “Capital Contribution”). Following the Capital Contribution, (i) the common units of FAH, LLC were recapitalized through a reverse unit split in order to maintain a one-to-one ratio between the number of common units owned by the Company and the number of outstanding shares of Class A common stock in accordance with the FAH LLC Agreement, and (ii) approximately 0.9 million outstanding shares of Class B common stock were cancelled.
Equity-Based Compensation
Funko, Inc. 2017 Incentive Award Plan. On October 23, 2017, the Company adopted the Funko, Inc. 2017 Incentive Award Plan (the “2017 Plan”). The Company reserved a total of 5,518,518 shares of Class A common stock for issuance pursuant to the 2017 Plan.
Funko, Inc. 2019 Incentive Award Plan. Effective April 18, 2019, the Company adopted the Funko, Inc. 2019 Incentive Award Plan (the "2019 Plan"). We have also reserved for issuance an aggregate number of shares under the 2019 Plan equal to the sum of (i) 3,000,000 shares of our Class A common stock and (ii) an annual increase on the first day of each calendar year beginning on January 1, 2020 and ending on and including January 1, 2029, equal to the lesser of (A) 2% of the shares of Class A Common Stock outstanding as of the last day of the immediately preceding fiscal year on a fully-diluted basis and (B) such lesser number of shares of Class A common stock as determined by our board of directors. Total shares reserved for issuance under the 2019 plan was 7,706,086 as of December 31, 2023.
The number of unissued common shares reserved for future grants under the 2017 Plan and 2019 Plan was 1,206,560 and 3,706,144, respectively as of December 31, 2023.
A summary of stock option activity for the year ended December 31, 2023 is as follows:
Funko, Inc.
Stock
Options		Weighted
Average
Exercise Price		Aggregate
Intrinsic
Value		Remaining
Contractual
Life
(in thousands)(in thousands)(years)
Outstanding at December 31, 20223,860 $15.40 $3,455 7.21
Granted874 10.90 — 
Exercised(162)4.61 559 
Forfeited(1,676)15.67 704 
Outstanding at December 31, 20232,896 14.49 845 6.84
Options exercisable at December 31, 20231,811 $14.90 $770 5.72
Stock options awarded to employees under the 2017 Plan and 2019 Plan are generally granted with an exercise price equal to the closing market price of the Company’s common stock at the date of grant, vest over four years, and have ten year contractual terms.
A summary of restricted stock unit activity for the year ended December 31, 2023 is as follows:
Funko, Inc.
Restricted Stock Units		Weighted Average
Grant Date Fair Value		Remaining
Contractual
Life
(in thousands)(years)
Unvested at December 31, 20222,719 $16.82 2.86
Granted1,273 9.38 
Vested(1,426)12.59 
Forfeited(718)15.58 
Unvested at December 31, 20231,848 $12.51 2.52
A summary of performance stock unit activity for the year ended December 31, 2023 is as follows:
Funko, Inc.
Performance Stock Units		Weighted Average
Grant Date Fair Value		Remaining
Contractual
Life
(in thousands)(years)
Unvested at December 31, 202267 $17.09 2.00
Granted114 9.77 
Vested(12)17.09 
Forfeited(56)13.01 
Unvested at December 31, 2023113 $12.10 1.75
Performance stock units achievement is at the discretion of the Compensation Committee of the board of directors. The number of units subject to future vesting is based on annual Company achieved factors, such as Net Sales and Adjusted EBITDA Margin. Unvested units are expected to vest at the determination date of December 31, 2024 or December 31, 2025, depending on the grant. Achievement is estimated at a weighted average 73.5% of the units granted as of December 31, 2023.
Options to purchase common units in FAH, LLC. In connection with the IPO, existing options to purchase Class A units in FAH, LLC were converted into 555,867 options to purchase common units in FAH, LLC.
A summary of FAH, LLC stock option activity for the year ended December 31, 2023 is as follows:
FAH, LLC Stock
Options		Weighted
Average
Exercise Price		Aggregate
Intrinsic
Value		Remaining
Contractual
Life
 (in thousands)(in thousands)(years)
Outstanding at December 31, 2022146 $0.05 $1,590 0.41
Exercised(146)0.05 1,078 
Outstanding at December 31, 2023— — — 0.00
Options exercisable at December 31, 2023— $— $— 0.00
The following table presents information on stock option exercises (in thousands):
Year ended December 31,
202320222021
Cash received for exercise price$756 $1,472 $3,794 
Intrinsic value559 1,042 2,543 
Equity-based compensation expense. The Company measures and recognizes expense for its equity-based compensation granted to employees and directors based on the fair value of the awards on the grant date. The fair value of restricted stock units is based on the market price of Class A common stock on the date of grant. The fair value of option awards is estimated at the grant date using the Black-Scholes option pricing model that requires management to apply judgment and make estimates, including:
•Volatility—this is estimated based primarily on historical volatilities of a representative group of publicly traded consumer product companies with similar characteristics
•Risk-free interest rate—this is the U.S. Treasury rate as of the grant date having a term equal to the expected term of the award
•Expected term—represents the estimated period of time until an award is exercised and was calculated based on the simplified method
•Dividend yield—the Company does not plan to pay dividends in the foreseeable future
For each of the options granted under the 2017 Plan and 2019 Plan, the following were the weighted-average of the option pricing model inputs:
Year ended December 31,
202320222021
Expected term (years)6.016.056.06
Expected volatility76.7 %63.6 %48.6 %
Risk-free interest rate4.1 %2.2 %1.0 %
Dividend yield— %— %— %
The weighted-average fair value of stock options granted for the years ended December 31, 2023, 2022 and 2021 was $6.71, $10.85, and $9.26 per share, respectively.
Equity-based compensation expense is recognized on a straight-line basis over the vesting period of the award. The Company records equity-based compensation to selling, general and administrative expense on the consolidated statements of operations. Equity-based compensation for the years ended December 31, 2023, 2022 and 2021 was $10.5 million, $16.6 million and $13.0 million, respectively.
As of December 31, 2023, there was $23.1 million of total unrecognized equity-based compensation expense that the Company expected to recognize over a remaining weighted-average period of 2.5 years.
v3.24.0.1
Non-controlling Interests
 12 Months Ended
Dec. 31, 2023
Noncontrolling Interest [Abstract]  
Non-controlling Interests Non-controlling Interests
The Company is the sole managing member of FAH, LLC and as a result consolidates the financial results of FAH, LLC. The Company reports a non-controlling interest representing the common units of FAH, LLC held by the Continuing Equity Owners. Changes in Funko, Inc.’s ownership interest in FAH, LLC while Funko, Inc. retains its controlling interest in FAH, LLC will be accounted for as equity transactions. As such, future redemptions or direct exchanges of common units of FAH, LLC by the Continuing Equity Owners will result in a change in ownership and reduce or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in capital when FAH, LLC has positive or negative net assets, respectively.
Net (loss) income and comprehensive (loss) income are attributed between Funko, Inc. and noncontrolling interest holders based on each party’s relative economic ownership interest in FAH, LLC. As of December 31, 2023, 2022 and 2021, Funko, Inc. owned 50.5 million, 47.2 million and 40.1 million of FAH, LLC common units, respectively, representing a 94.9%, 91.6% and 77.3% economic ownership interest in FAH, LLC, respectively.
Net (loss) income and comprehensive (loss) income of FAH, LLC excludes certain activity attributable to Funko, Inc., including $10.5 million, $16.6 million and $13.0 million of equity-based compensation expense for share-based compensation awards issued by Funko, Inc. for the years ended December 31, 2023, 2022 and 2021, respectively, and $128.7 million of income tax expense, $20.5 million income tax benefit and $14.3 million of income tax expense for corporate, federal, state and local taxes attributable to Funko, Inc. for the years ended December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
Earnings per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
Basic and Diluted (Loss) Earnings per Share
Basic (loss) earnings per share of Class A common stock is computed by dividing net (loss) income available to Funko, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted (loss) earnings per share of Class A common stock is computed by dividing net (loss) income available to Funko, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share of Class A common stock:
Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
(in thousands, except per share data)
Numerator:
Net (loss) income$(164,438)$(5,240)$67,854 
Less: net (loss) income attributable to non-controlling interests
(10,359)2,795 23,954 
Net (loss) income attributable to Funko, Inc. — basic
$(154,079)$(8,035)$43,900 
Add: Reallocation of net income attributable to non- controlling interests from the assumed exchange of common units of FAH, LLC for Class A common stock
— — — 
Net (loss) income attributable to Funko, Inc. — diluted$(154,079)$(8,035)$43,900 
Denominator:
Weighted-average shares of Class A common stock outstanding
  — basic		48,332,401 44,554,788 38,392,390 
Add: Dilutive common units of FAH, LLC that are convertible into
  Class A common stock
— — 227,500 
Add: Dilutive Funko, Inc. equity compensation awards
— — 1,990,728 
Weighted-average shares of Class A common stock outstanding
  — diluted		48,332,401 44,554,788 40,610,618 
(Loss) earnings per share of Class A common stock — basic$(3.19)$(0.18)$1.14 
(Loss) earnings per share of Class A common stock — diluted$(3.19)$(0.18)$1.08 
For the years ended December 31, 2023, 2022 and 2021 an aggregate of 9.9 million, 11.6 million and 14.7 million of potentially dilutive securities, respectively, were excluded from the weighted-average in the computation of diluted (loss) earnings per share of Class A common stock because the effect would have been anti-dilutive. For the years ended December 31, 2023, 2022 and 2021 anti-dilutive securities included 4.0 million, 7.0 million and 13.2 million of common units of FAH, LLC that are convertible into Class A common stock, but were excluded from the computations of diluted (loss) earnings per share because the effect would have been anti-dilutive under the if-converted method.
Shares of the Company’s Class B common stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted (loss) earnings per share of Class B common stock under the two-class method has not been presented.
v3.24.0.1
Schedule I: Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule I: Condensed Financial Information of Registrant
Schedule I: Condensed Financial Information of Registrant

FUNKO, INC.
CONDENSED STATEMENTS OF OPERATIONS
(PARENT COMPANY ONLY)

 Year Ended December 31,
202320222021
(in thousands)
Intercompany revenue$226 $564 $82 
Selling, general, and administrative expenses10,812 16,941 13,163 
Total operating expenses10,812 16,941 13,163 
Loss from operations(10,586)(16,377)(13,081)
Interest (expense) income, net(321)(168)3 
Tax receivable agreement liability adjustment100,223 (3,987)(1,590)
Equity in net (loss) income of subsidiaries(114,697)(8,040)72,916 
(Loss) income before income taxes(25,381)(28,572)58,248 
Income tax expense (benefit)128,698 (20,537)14,348 
Net (loss) income$(154,079)$(8,035)$43,900 

See accompanying notes to condensed financial information
Schedule I: Condensed Financial Information of Registrant (continued)

FUNKO, INC.
CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(PARENT COMPANY ONLY)

Year Ended December 31,
202320222021
(in thousands)
Net (loss) income$(154,079)$(8,035)$43,900 
Other comprehensive (loss) income:
Foreign currency translation (loss) gain, net of tax effect of $(770), $1,169 and $163 for the years ended December 31, 2023, 2022 and 2021, respectively
2,423 (3,681)(544)
Reclassification of foreign currency translation gain into net (loss) income$— $— $(96)
Comprehensive (loss) income attributable to
Funko, Inc.		$(151,656)$(11,716)$43,260 

See accompanying notes to condensed financial information
Schedule I: Condensed Financial Information of Registrant (continued)

FUNKO, INC.
CONDENSED BALANCE SHEETS
(PARENT COMPANY ONLY)
December 31,
20232022
(in thousands, except per share data)
Assets
Current assets:
Cash and cash equivalents$3,734 $911 
Income tax receivable311 7,530 
Total current assets4,045 8,441 
Intercompany receivable118,783 119,219 
Deferred tax asset, net of valuation allowance— 123,893 
Investment in subsidiaries118,443 225,858 
Total assets$241,271 $477,411 
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of liabilities under tax receivable agreement$8,960 $9,567 
Accrued expenses and other current liabilities370 — 
Total current liabilities9,330 9,567 
Liabilities under tax receivable agreement, net of current portion— 99,620 
Commitments and contingencies
Stockholders' equity:
Class A common stock, par value $0.0001 per share, 200,000 shares authorized; 50,549 shares and 47,192 shares issued and outstanding as of December 31, 2023 and 2022, respectively
5 5 
Class B common stock, par value $0.0001 per share, 50,000 shares authorized; 2,277 shares and 3,293 shares issued and outstanding as of December 31, 2023 and 2022, respectively
— — 
Additional paid-in-capital326,180 310,807 
Accumulated other comprehensive (loss) income(180)(2,603)
(Accumulated deficit) retained earnings(94,064)60,015 
Total stockholders' equity231,941 368,224 
Total liabilities and stockholders' equity$241,271 $477,411 

See accompanying notes to condensed financial information
Schedule I: Condensed Financial Information of Registrant (continued)

FUNKO, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(PARENT COMPANY ONLY)

Year Ended December 31,
202320222021
(in thousands)
Operating Activities
Net (loss) income$(154,079)$(8,035)$43,900 
Adjustments to reconcile net (loss) income to net cash provided by (used in)
operating activities:
Equity in net loss (income) of subsidiaries114,697 8,040 (72,916)
Equity-based compensation10,534 16,591 12,994 
Deferred tax expense (benefit)123,124 (17,173)(203)
Tax receivable liability adjustment(100,223)3,987 1,590 
Changes in operating assets and liabilities:
Income tax receivable7,219 (7,530)294 
Due from related parties, net436 (984)1,351 
Prepaid expenses and other assets— (11,019)— 
Income taxes payable— (14,684)14,684 
Accrued expenses and other liabilities370 11,190 (571)
Net cash provided by (used in) operating activities2,078 (19,617)1,123 
Investing Activities
Capital contribution to FAH, LLC— (73,980)— 
Net cash (used in) investing activities— (73,980)— 
Financing Activities
Tax distribution received from FAH, LLC— 38,811 24,173 
Tax receivable agreement payments(4)(7,718)(1,715)
Proceeds from exercise of equity-based options749 1,472 3,794 
Net cash provided by financing activities745 32,565 26,252 
Net change in cash and cash equivalents2,823 (61,032)27,375 
Cash and cash equivalents at beginning of period911 61,943 34,568 
Cash and cash equivalents at end of period$3,734 $911 $61,943 
Supplemental Cash Flow Information
Income tax payments$— $18,999 $23 
Establishment of liabilities under tax receivable agreement— 30,034 20,691 
Issuance of equity instruments for acquisitions— 1,487 — 

See accompanying notes to condensed financial information
Schedule I: Condensed Financial Information of Registrant (continued)

FUNKO, INC.
NOTES TO CONDENSED FINANCIAL INFORMATION
(PARENT COMPANY ONLY)
December 31, 2023
1. Organization
Funko, Inc. (the “Parent Company”) was formed on April 21, 2017 as a Delaware corporation and is a holding company with no direct operations. The Parent Company's assets consist primarily of cash and cash equivalents, its equity interest in FAH, LLC, and certain deferred tax assets, net of valuation allowance.
The Parent Company's cash inflows are primarily from distributions and other transfers from FAH, LLC. The amounts available to the Parent Company to fulfill cash commitments are subject to certain restrictions in FAH, LLC’s Credit Facilities. See Note 10 to the Funko, Inc. consolidated financial statements, appearing elsewhere in this Form 10-K.
2. Basis of Presentation
These condensed Parent Company financial statements should be read in conjunction with the consolidated financial statements of Funko, Inc. and its subsidiaries and the accompanying notes thereto, included in this Form 10-K. For purposes of this condensed financial information, the Parent Company's interest in FAH, LLC is recorded based upon its proportionate share of FAH, LLC's net assets (similar to presenting them on the equity method).
The Parent Company is the sole managing member of FAH, LLC, and pursuant to the Amended and Restated LLC Agreement of FAH, LLC (the “LLC Agreement”), receives compensation in the form of reimbursements for all costs associated with being a public company. Intercompany revenue consists of these reimbursement payments and is recognized when the corresponding expense to which it relates is recognized.
Certain intercompany balances presented in these condensed Parent Company financial statements are eliminated in the consolidated financial statements. For the years ended December 31, 2023, 2022, and 2021, the full amounts of intercompany revenue and equity in net (loss) income of subsidiaries in the Parent Company Statements of Operations were eliminated in consolidation. An intercompany receivable was owed to the Parent Company by FAH, LLC of $118.8 million and $119.2 million as of December 31, 2023 and 2022, respectively. On May 3, 2022, the Parent Company entered into a common unit subscription agreement with FAH, LLC pursuant to which the Parent Company purchased 4,251,701 newly issued common units in exchange for a capital contribution of approximately $74.0 million (the “Capital Contribution”). Following the Capital Contribution, (i) the common units of FAH, LLC were recapitalized through a reverse unit split in order to maintain a one-to-one ratio between the number of common units owned by the Parent Company and the number of outstanding shares of Class A common stock in accordance with the FAH LLC Agreement, and (ii) approximately 0.9 million outstanding shares of Class B common stock were cancelled. Related party amounts that were not eliminated in the consolidated financial statements include the Parent Company's liabilities under the tax receivable agreement, which totaled $9.0 million and $109.2 million as of December 31, 2023 and 2022, respectively.
3. Commitments and Contingencies
The Parent Company is party to a tax receivable agreement that provides for the payment by the Parent Company to the TRA Parties of 85% of the amount of any tax benefits that the Parent Company actually realizes, or in some cases is deemed to realize, as a result of certain transactions. See Note 13 to the Funko, Inc. consolidated financial statements, appearing elsewhere in this Form 10-K, for more information regarding the Parent Company's tax receivable agreement. As described in Note 13 to the Funko, Inc. consolidated financial statements, appearing elsewhere in the Form 10-K, amounts payable under the tax receivable agreement are contingent upon, among other things, (i) generation of future taxable income of Funko, Inc. over the term of the tax receivable agreement and (ii) future changes in tax laws. As of December 31, 2023 and 2022, liabilities under the tax receivable agreement totaled $9.0 million and $109.2 million, respectively.
See Note 14 to the Funko, Inc. consolidated financial statements, appearing elsewhere in this Form 10-K, for information regarding pending and threatened litigation. Pursuant to the LLC Agreement, the Parent Company receives reimbursements for all costs associated with being a public company, which includes costs of litigation.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net Income (Loss) Attributable to Parent $ (154,079) $ (8,035) $ 43,900
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Use of Estimates
Use of Estimates
The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions.
Cash Equivalents
Cash Equivalents
Cash equivalents include amounts due from third-party financial institutions for credit and debit card transactions.
Concentrations of Business and Credit Risk
Concentrations of Business and Credit Risk
The Company grants credit to its customers on an unsecured basis. The Company monitors the financial health of its customers and will take actions to mitigate a customer's credit risk if a negative financial forecast is expected. As of December 31, 2023 and 2022, the balance of accounts receivable consisted of 5% and 11%, respectively, of amounts owed from the largest customer for the given period. The collection of these receivables has been within the terms of the associated customer agreement.
For the years ended December 31, 2023, 2022 and 2021, there was no individual customer that generated net sales over 10%.
For the year ended December 31, 2023, no individual license agreement accounted for more than 10% of sales. For the year ended December 31, 2022, 13% of sales were related to the Company’s largest license agreements with no other license agreements accounting for more than 10% of sales. For the year ended December 31, 2021, 26% of sales were related to the Company’s two largest license agreements (13% each) with no other license agreements accounting for more than 10% of sales.
The Company maintains its cash within bank deposit accounts at high quality, accredited financial institutions. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to significant credit risk on cash.
Inventory
Inventory
Inventory consists primarily of figures, plush, apparel, homewares, accessories and other finished goods, and is accounted for using the first-in, first-out (“FIFO”) method. Inventory costs include direct product costs and freight costs. The Company maintains reserves for excess and obsolete inventories to reflect the inventory balance at the lower of cost or net realizable value. The Company estimates obsolescence based on assumptions regarding future demand. This valuation requires us to make judgments, based on currently available information, about the likely method of disposition, such as through sales to customers, or liquidation, and expected recoverable value of each disposition category.
Property and Equipment
Property and Equipment
Property and equipment is stated at historical cost, net of accumulated depreciation, and, if applicable, impairment charges. Depreciation of property and equipment is recorded using the straight-line method over the shorter of the estimated useful life of the asset or the lease term. The estimated useful lives of our property and equipment are generally as follows:
Asset
Lives (in years)
Tooling and molds
2
Furniture, fixtures, and warehouse equipment
2 to 7
Computer equipment, software and other
3 to 5
Leasehold improvements
Lesser of useful life or term of lease
The Company monitors long-lived assets for impairment indicators on an ongoing basis in accordance with U.S. GAAP. If impairment indicators exist, the Company will perform the required impairment analysis by comparing the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value is estimated based upon a combination of market and cost approaches, as appropriate. Changes in economic or operating conditions impacting these estimates and assumptions could result in the impairment of the Company's long-lived assets.
Revenue Recognition and Sales Allowance
Revenue Recognition and Sales Allowance
Revenue from the sale of Company products is recognized when control of the goods is transferred to the customer, which is upon shipment or upon receipt of finished goods by the customer, depending on the contract terms. Deferred revenue is recognized when the Company collects cash from the customer and had not yet filled is obligation for delivery of product or service. Deferred revenue is recorded within accrued expenses and other current liabilities on the Company's consolidated balance sheets.
The Company routinely enters into arrangements with its customers to provide sales incentives, support customer promotions, and provide allowances for returns and defective merchandise. These sales adjustments require management to make estimates. In making these estimates, management considers all available information including the overall business environment, historical trends and information from customers, such as agreed upon customer contract terms as well as historical experience from the customer. The costs of these programs reduce gross sales in the period the related sale is recognized. The Company adjusts its estimates at least quarterly or when facts and circumstances used in the estimate process change. As of December 31, 2023 and 2022, we had reserves for sales allowances of $44.1 million and $57.3 million, respectively.
We have made an accounting policy election to exclude from revenue, all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer (for example, sales, use, value-added, and certain excise taxes). 
We have elected to account for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of assessing such activities as performance obligations. Accordingly, shipping and handling activities that are performed by the Company, whether before or after a customer has obtained control of the products, are considered fulfillment costs to satisfy our performance obligation to transfer the products, and are recorded as incurred within cost of sales.
We have elected the practical expedient to not recognize a significant financing component for contracts that include payments terms of one year or less. We have also elected the practical expedient permitting expensing of costs to obtain a contract when the expected amortization period is one year or less.
Shipping Revenue and Costs
Shipping and handling costs include inbound freight costs and the cost to ship product to the customer and are included in cost of sales. Shipping fees billed to customers are included in net sales.
Royalties
We enter into agreements for rights to licensed trademarks, copyrights and likenesses for use in our products. These licensing agreements require the payment of royalty fees to the licensor based on a percentage of revenue. Many licensing agreements also require minimum royalty commitments. When royalty fees are paid in advance, we record these payments as a prepaid asset. If we determine that it is probable that the expected revenue will not be realized, a reserve is recorded against the prepaid asset for the non-recoverable portion. We record a royalty liability as revenues are earned based on the terms of the licensing agreement. In situations where a minimum commitment is not expected to be met based on expected revenues, we will accrue up to the minimum amount when it is reasonably certain that revenues generated will not meet the minimum commitment. Royalty and license expense is recorded within cost of sales on the consolidated statements of income.
Advertising and Marketing Costs
Advertising and Marketing Costs
Advertising and marketing costs are expensed when the advertising or marketing event takes place. These costs include the fees to participate in trade shows and Comic-Cons, as well as costs to develop promotional video and other online content created for advertising purposes.
The Company enters into cooperative advertising arrangements with customers. The fees related to these arrangements are recorded as a reduction of net sales in the accompanying consolidated statements of income because the Company has determined it does not receive an identifiable benefit and cannot reasonably estimate the fair value of these arrangements.
Product Design and Development Costs
Product Design and Development Costs
Product design and development costs are recognized in selling, general and administrative expenses in the consolidated statements of operations as incurred.
Foreign Currency
Foreign Currency
We have international sales and operating expenses that are denominated in local functional currencies. The functional currency of our international subsidiaries is the same as the local currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at period-end foreign exchange rates, and revenues and expenses are translated at average rates prevailing throughout the period. Translation adjustments are included in other comprehensive income (loss) on the consolidated statements of comprehensive income (loss). Transaction gains and losses including intercompany transactions denominated in a currency other than the functional currency of Funko, Inc. are included in other expense, net on our consolidated statements of operations.
Assets Held-for-Sale
Assets Held-for-Sale
The Company evaluates the held-for-sale criteria under ASC 350 when it commits to a plan to sell an asset or disposal group. Assets that qualify as held-for-sale are reported at the lower of its carrying value or its fair value less cost to sell. Assets held-for-sale are included within prepaid expenses and other current assets on the Company's consolidated balance sheets
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards
There were no recently adopted accounting standards during the year ended December 31, 2023 that had a material effect on the financial statements.
Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update ("ASU") amending existing crypto asset disclosures, primarily requiring detailed disclosures about the types of crypto assets held by entities and the changes in those holdings. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the ASU to determine its impact on crypto asset disclosures.
In December 2023, the Financial Accounting Standards Board issued an ASU amending existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid by jurisdiction and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and it can be applied on either a prospective or retroactive basis. The Company is currently evaluating the ASU to determine its impact on income tax disclosures.
v3.24.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Property and Equipment The estimated useful lives of our property and equipment are generally as follows:
Asset
Lives (in years)
Tooling and molds
2
Furniture, fixtures, and warehouse equipment
2 to 7
Computer equipment, software and other
3 to 5
Leasehold improvements
Lesser of useful life or term of lease
v3.24.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Purchase Price Allocations
The following table shows the final purchase price allocation for the Mondo acquisition as of June 8, 2022 (in thousands):
Assets (Liabilities) Acquired (Assumed)
at Fair Value
Cash$37 
Accounts receivable702 
Inventory2,508 
Other current assets2,545 
Intangible assets7,370 
Goodwill5,458 
Current liabilities(4,616)
Consideration transferred$14,004 
v3.24.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table presents the balances of goodwill as of 2023 and 2022 (in thousands):
Goodwill
Balance as of January 1, 2022$126,651 
Acquisition5,117 
Foreign currency remeasurement(388)
Balance as of December 31, 2022$131,380 
Acquisition4,065 
Reclassification to assets held-for-sale(2,162)
Foreign currency remeasurement512 
Balance as of December 31, 2023$133,795 
Schedule of Identified Intangible Assets by Major Class
The following table provides the details of remaining identified intangible assets, by major class, for the periods indicated (in thousands):
December 31, 2023December 31, 2022
Estimated
Useful Life
(Years)
Gross
Carrying
Amount
Accumulated
Amortization
Intangible
Assets,
Net
Gross
Carrying
Amount
Accumulated
Amortization
Intangible
Assets, Net
Intangible assets subject
  to amortization:
Intellectual property
3 - 20
$115,331 $(47,638)$67,693 $115,331 $(41,897)$73,434 
Trade names
10 - 20
92,528 (35,792)56,736 90,728 (30,622)60,106 
Customer relationships
3 - 20
71,463 (32,378)39,085 71,278 (28,520)42,758 
Licensor relationships
10 - 20
11,116 (7,330)3,786 10,991 (6,145)4,846 
Total$290,438 $(123,138)$167,300 $288,328 $(107,184)$181,144 
Schedule of Future Five Year Amortization of Intangible Assets The future five-year amortization of intangibles subject to amortization at December 31, 2023 was as follows (in thousands):
Amortization
2024$15,707 
202515,707 
202615,707 
202714,544 
202813,862 
Thereafter91,773 
Total$167,300 
v3.24.0.1
Accounts Receivable, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Accounts Receivable, Net
Accounts receivable, net consisted of the following (in thousands):
December 31,
20232022
Accounts receivable$180,000 $232,816 
Less: Allowance for sales discounts
(44,121)(57,332)
Less: Allowance for doubtful accounts
(5,048)(7,589)
Accounts receivable, net$130,831 $167,895 
Schedule of Activity in Allowance for Doubtful Accounts
Activity in our allowance for doubtful accounts was as follows (in thousands):
December 31,
20232022
Allowance for doubtful accounts - beginning$7,589 $3,156 
Charged to costs 294 6,127 
Write offs(2,835)(1,694)
Allowance for doubtful accounts - ending$5,048 $7,589 
v3.24.0.1
Prepaid Expenses and Other Current Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
December 31,
20232022
Prepaid deposits for inventory and molds
$2,428 $2,500 
Prepaid royalties, net
25,079 12,985 
Crypto asset safeguarding asset6,060 11,271 
Assets held-for-sale8,694 — 
Other prepaid expenses and current assets
13,873 12,892 
Prepaid expenses and other current assets
$56,134 $39,648 
v3.24.0.1
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
December 31,
20232022
Tooling and molds
$176,447 $145,021 
Leasehold improvements
74,034 68,160 
Computer equipment, software and other
13,222 15,315 
Furniture, fixtures and warehouse equipment
27,465 24,714 
Construction in progress
173 7,348 
$291,341 $260,558 
Less: Accumulated depreciation
(200,006)(158,326)
Property and equipment, net
$91,335 $102,232 
v3.24.0.1
Accrued Expenses and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Accrued Liabilities And Other Current Liabilities [Abstract]  
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
December 31,
20232022
Accrued payroll and compensation$20,320 $25,146 
Accrued shipping & freight costs5,119 21,698 
Accrued sales taxes2,156 1,377 
Current liabilities under tax receivable agreement8,960 9,567 
Crypto asset safeguarding liability6,060 11,271 
Deferred revenue9,914 8,674 
Other current liabilities
37,965 35,099 
Accrued liabilities and other current liabilities$90,494 $112,832 
v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consists of the following (in thousands):
December 31,
20232022
Revolving Credit Facility$120,500 $70,000 
Term Loan Facility139,500 157,500 
Equipment Finance Loan15,419 20,000 
Debt issuance costs
(1,861)(1,681)
Total term debt
153,058 175,819 
Less: current portion
22,072 22,041 
Long-term debt, net
$130,986 $153,778 
Schedule of Maturities of Long-term Debt
Maturities of long-term debt for each of the next five years and thereafter are as follows (in thousands):
Term Facilities
2024$22,850 
202523,134 
2026108,935 
Total
$154,919 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Lessee, Operating Lease, Liability, Maturity
The future payments on the Company’s operating lease liabilities as of December 31, 2023 were as follows (in thousands):
2024$18,076 
202517,122 
202617,453 
202712,952 
202812,163 
Thereafter29,654 
Total lease payments107,420 
Less: imputed interest(18,625)
Total$88,795 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes
(Loss) income before income taxes consisted of (in thousands):
Year Ended December 31,
202320222021
Domestic$(46,847)$(39,077)$72,758 
Foreign14,906 16,036 12,157 
(Loss) income before income taxes$(31,941)$(23,041)$84,915 
Schedule of Income Tax Expense
The components of the Company’s income tax expense (benefit) consisted of the following (in thousands):
Year Ended December 31,
202320222021
Current income taxes:
Federal
$5,574 $(4,766)$12,894 
State and local
71 1,629 1,825 
Foreign
3,728 2,750 2,703 
Current income taxes
$9,373 $(387)$17,422 
Deferred income taxes:
Federal
$105,236 $(11,227)$(185)
State and local
17,888 (5,945)(18)
Foreign
— (242)(158)
Deferred income taxes
123,124 (17,414)(361)
Income tax expense (benefit)$132,497 $(17,801)$17,061 
Schedule of Reconciliation of Income Tax Expense
A reconciliation of income tax expense (benefit) from operations computed at the U.S. federal statutory income tax rate to the Company’s effective income tax rate are as follows:
Year Ended December 31,
202320222021
Expected U.S. federal income taxes at statutory rate21.0 %21.0 %21.0 %
State and local income taxes, net of federal benefit(56.2)20.2 1.7 
Foreign taxes
(9.3)(9.9)2.5 
Foreign tax credit— 11.7 — 
Non-deductible expenses
(0.9)(2.1)(1.1)
Change in valuation allowance
(340.5)47.2 2.3 
Non-controlling interest
(6.8)2.6 (6.0)
Share-based compensation(1.6)(19.8)0.1 
Return to provision(23.8)4.9 1.5 
Other, net
3.3 1.5 (1.9)
Income tax expense(414.8)%77.3 %20.1 %
Schedule of Deferred Tax Assets and Liabilities
The significant items comprising deferred tax assets and liabilities is as follows (in thousands):
December 31,
20232022
Deferred tax assets:
Investment in partnership
$86,337 $93,923 
Tax receivable agreement liability2,150 26,860 
Stock-based compensation
6,790 5,402 
Foreign tax credit62 834 
Other carryforwards146 826 
Net operating loss carryforward34,867 — 
Gross deferred tax assets
130,352 127,845 
Valuation allowance
(130,352)(3,952)
Deferred tax assets, net of valuation allowance
— 123,893 
Deferred tax liabilities:
Property and equipment
(402)(382)
Gross deferred tax liabilities
(402)(382)
Net deferred tax assets$(402)$123,511 
v3.24.0.1
Liabilities under Tax Receivable Agreement (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Tax Receivable Agreement Liability
The following table summarizes changes in the amount of the Company’s Tax Receivable Agreement liability (in thousands):
Year Ended December 31,
202320222021
Beginning Balance$109,187 $82,884 $62,318 
Additional liabilities for exchanges— 30,034 20,691 
Adjustment to remeasurement of liabilities(100,223)3,987 1,590 
Payments under tax receivable agreement(4)(7,718)(1,715)
Ending balance $8,960 $109,187 $82,884 
v3.24.0.1
Segments (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Product Categories as Percent of Sales
The following table presents summarized product information as a percent of sales:
Year ended December 31,
202320222021
Core Collectibles73.3 %75.5 %79.8 %
Loungefly Branded Products19.6 %19.1 %14.7 %
Other
7.1 %5.4 %5.6 %
Schedule of Net Sales and Long-Lived Assets
The following tables present summarized geographical information (in thousands):
Year ended December 31,
202320222021
Net sales:
United States$755,620 $966,324 $743,846 
Europe268,496 260,557 214,732 
Other International71,970 95,825 70,715 
Total net sales
$1,096,086 $1,322,706 $1,029,293 
December 31,
20232022
Long-lived assets:
United States
$110,308 $131,549 
Vietnam and China31,411 28,811 
United Kingdom
18,867 21,056 
Total long-lived assets
$160,586 $181,416 
v3.24.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Stock Option Activity
A summary of stock option activity for the year ended December 31, 2023 is as follows:
Funko, Inc.
Stock
Options		Weighted
Average
Exercise Price		Aggregate
Intrinsic
Value		Remaining
Contractual
Life
(in thousands)(in thousands)(years)
Outstanding at December 31, 20223,860 $15.40 $3,455 7.21
Granted874 10.90 — 
Exercised(162)4.61 559 
Forfeited(1,676)15.67 704 
Outstanding at December 31, 20232,896 14.49 845 6.84
Options exercisable at December 31, 20231,811 $14.90 $770 5.72
A summary of FAH, LLC stock option activity for the year ended December 31, 2023 is as follows:
FAH, LLC Stock
Options		Weighted
Average
Exercise Price		Aggregate
Intrinsic
Value		Remaining
Contractual
Life
 (in thousands)(in thousands)(years)
Outstanding at December 31, 2022146 $0.05 $1,590 0.41
Exercised(146)0.05 1,078 
Outstanding at December 31, 2023— — — 0.00
Options exercisable at December 31, 2023— $— $— 0.00
Schedule of Restricted Stock Unit Activity
A summary of restricted stock unit activity for the year ended December 31, 2023 is as follows:
Funko, Inc.
Restricted Stock Units		Weighted Average
Grant Date Fair Value		Remaining
Contractual
Life
(in thousands)(years)
Unvested at December 31, 20222,719 $16.82 2.86
Granted1,273 9.38 
Vested(1,426)12.59 
Forfeited(718)15.58 
Unvested at December 31, 20231,848 $12.51 2.52
Schedule of Performance Stock Unit Activity
A summary of performance stock unit activity for the year ended December 31, 2023 is as follows:
Funko, Inc.
Performance Stock Units		Weighted Average
Grant Date Fair Value		Remaining
Contractual
Life
(in thousands)(years)
Unvested at December 31, 202267 $17.09 2.00
Granted114 9.77 
Vested(12)17.09 
Forfeited(56)13.01 
Unvested at December 31, 2023113 $12.10 1.75
Schedule of Unvested Common Unit Activity The following table presents information on stock option exercises (in thousands):
Year ended December 31,
202320222021
Cash received for exercise price$756 $1,472 $3,794 
Intrinsic value559 1,042 2,543 
Schedule of Option Pricing Model Inputs
For each of the options granted under the 2017 Plan and 2019 Plan, the following were the weighted-average of the option pricing model inputs:
Year ended December 31,
202320222021
Expected term (years)6.016.056.06
Expected volatility76.7 %63.6 %48.6 %
Risk-free interest rate4.1 %2.2 %1.0 %
Dividend yield— %— %— %
v3.24.0.1
Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Reconciliations of Numerators and Denominators Used to Compute Basic and Diluted Earnings Per Share
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share of Class A common stock:
Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
(in thousands, except per share data)
Numerator:
Net (loss) income$(164,438)$(5,240)$67,854 
Less: net (loss) income attributable to non-controlling interests
(10,359)2,795 23,954 
Net (loss) income attributable to Funko, Inc. — basic
$(154,079)$(8,035)$43,900 
Add: Reallocation of net income attributable to non- controlling interests from the assumed exchange of common units of FAH, LLC for Class A common stock
— — — 
Net (loss) income attributable to Funko, Inc. — diluted$(154,079)$(8,035)$43,900 
Denominator:
Weighted-average shares of Class A common stock outstanding
  — basic		48,332,401 44,554,788 38,392,390 
Add: Dilutive common units of FAH, LLC that are convertible into
  Class A common stock
— — 227,500 
Add: Dilutive Funko, Inc. equity compensation awards
— — 1,990,728 
Weighted-average shares of Class A common stock outstanding
  — diluted		48,332,401 44,554,788 40,610,618 
(Loss) earnings per share of Class A common stock — basic$(3.19)$(0.18)$1.14 
(Loss) earnings per share of Class A common stock — diluted$(3.19)$(0.18)$1.08 
v3.24.0.1
Schedule I: Condensed Financial Information of Registrant (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Financial Statements
 Year Ended December 31,
202320222021
(in thousands)
Intercompany revenue$226 $564 $82 
Selling, general, and administrative expenses10,812 16,941 13,163 
Total operating expenses10,812 16,941 13,163 
Loss from operations(10,586)(16,377)(13,081)
Interest (expense) income, net(321)(168)3 
Tax receivable agreement liability adjustment100,223 (3,987)(1,590)
Equity in net (loss) income of subsidiaries(114,697)(8,040)72,916 
(Loss) income before income taxes(25,381)(28,572)58,248 
Income tax expense (benefit)128,698 (20,537)14,348 
Net (loss) income$(154,079)$(8,035)$43,900 
Year Ended December 31,
202320222021
(in thousands)
Net (loss) income$(154,079)$(8,035)$43,900 
Other comprehensive (loss) income:
Foreign currency translation (loss) gain, net of tax effect of $(770), $1,169 and $163 for the years ended December 31, 2023, 2022 and 2021, respectively
2,423 (3,681)(544)
Reclassification of foreign currency translation gain into net (loss) income$— $— $(96)
Comprehensive (loss) income attributable to
Funko, Inc.		$(151,656)$(11,716)$43,260 
December 31,
20232022
(in thousands, except per share data)
Assets
Current assets:
Cash and cash equivalents$3,734 $911 
Income tax receivable311 7,530 
Total current assets4,045 8,441 
Intercompany receivable118,783 119,219 
Deferred tax asset, net of valuation allowance— 123,893 
Investment in subsidiaries118,443 225,858 
Total assets$241,271 $477,411 
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of liabilities under tax receivable agreement$8,960 $9,567 
Accrued expenses and other current liabilities370 — 
Total current liabilities9,330 9,567 
Liabilities under tax receivable agreement, net of current portion— 99,620 
Commitments and contingencies
Stockholders' equity:
Class A common stock, par value $0.0001 per share, 200,000 shares authorized; 50,549 shares and 47,192 shares issued and outstanding as of December 31, 2023 and 2022, respectively
5 5 
Class B common stock, par value $0.0001 per share, 50,000 shares authorized; 2,277 shares and 3,293 shares issued and outstanding as of December 31, 2023 and 2022, respectively
— — 
Additional paid-in-capital326,180 310,807 
Accumulated other comprehensive (loss) income(180)(2,603)
(Accumulated deficit) retained earnings(94,064)60,015 
Total stockholders' equity231,941 368,224 
Total liabilities and stockholders' equity$241,271 $477,411 
Year Ended December 31,
202320222021
(in thousands)
Operating Activities
Net (loss) income$(154,079)$(8,035)$43,900 
Adjustments to reconcile net (loss) income to net cash provided by (used in)
operating activities:
Equity in net loss (income) of subsidiaries114,697 8,040 (72,916)
Equity-based compensation10,534 16,591 12,994 
Deferred tax expense (benefit)123,124 (17,173)(203)
Tax receivable liability adjustment(100,223)3,987 1,590 
Changes in operating assets and liabilities:
Income tax receivable7,219 (7,530)294 
Due from related parties, net436 (984)1,351 
Prepaid expenses and other assets— (11,019)— 
Income taxes payable— (14,684)14,684 
Accrued expenses and other liabilities370 11,190 (571)
Net cash provided by (used in) operating activities2,078 (19,617)1,123 
Investing Activities
Capital contribution to FAH, LLC— (73,980)— 
Net cash (used in) investing activities— (73,980)— 
Financing Activities
Tax distribution received from FAH, LLC— 38,811 24,173 
Tax receivable agreement payments(4)(7,718)(1,715)
Proceeds from exercise of equity-based options749 1,472 3,794 
Net cash provided by financing activities745 32,565 26,252 
Net change in cash and cash equivalents2,823 (61,032)27,375 
Cash and cash equivalents at beginning of period911 61,943 34,568 
Cash and cash equivalents at end of period$3,734 $911 $61,943 
Supplemental Cash Flow Information
Income tax payments$— $18,999 $23 
Establishment of liabilities under tax receivable agreement— 30,034 20,691 
Issuance of equity instruments for acquisitions— 1,487 — 
v3.24.0.1
Basis of Presentation and Description of Business - Additional Information (Detail) - Funko Acquisition Holdings, L.L.C. - Funko Holdings LLC
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]  
Ownership percentage 100.00%
Funko LLC  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]  
Ownership percentage 100.00%
v3.24.0.1
Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Significant Accounting Policies [Line Items]          
Cash equivalents, receivables settlement term   5 days      
Cash receivables   $ 1,200 $ 1,300    
Inventory valuation reserves   25,500 16,900    
Inventory write-down   30,300      
Cloud computing arrangement costs, amortization   2,200 0 $ 0  
Abandonment charge     32,500    
Allowance for sales returns   44,100 57,300    
Prepaid royalties, net   25,079 12,985    
Prepaid royalties, reserve for unrealized revenue   4,500 800    
Royalty expense   179,700 213,100 161,600  
Selling, general, and administrative expenses   377,065 398,272 244,331  
Foreign currency transaction gain   700 100 0  
Decrease in deferred tax asset valuation allowance   123,200 11,000    
Deferred tax assets, net of valuation allowance   0 123,893    
Obligations under tax receivable agreement $ 9,600 8,960 109,187 82,884 $ 62,318
Liability reduction 99,600 100,223 0 0  
Tax receivable agreement, true-up gain (loss) $ 603        
Prepaid Expenses and Other Current Assets          
Significant Accounting Policies [Line Items]          
Cloud computing arrangement costs   2,700 2,100    
Other Noncurrent Assets          
Significant Accounting Policies [Line Items]          
Cloud computing arrangement costs   3,100 3,000    
Advertising and Marketing Costs          
Significant Accounting Policies [Line Items]          
Selling, general, and administrative expenses   31,300 26,700 17,100  
Product Design and Development Cost          
Significant Accounting Policies [Line Items]          
Selling, general, and administrative expenses   $ 8,000 $ 10,200 $ 6,800  
Revenue, Rights Granted | Revenue from Rights Concentration Risk | Largest License Agreement          
Significant Accounting Policies [Line Items]          
Concentration risk percentage     13.00%    
Revenue, Rights Granted | Revenue from Rights Concentration Risk | Two License Agreements          
Significant Accounting Policies [Line Items]          
Concentration risk percentage       26.00%  
Revenue, Rights Granted | Revenue from Rights Concentration Risk | License Agreements One          
Significant Accounting Policies [Line Items]          
Concentration risk percentage       13.00%  
Revenue, Rights Granted | Revenue from Rights Concentration Risk | License Agreements Two          
Significant Accounting Policies [Line Items]          
Concentration risk percentage       13.00%  
Largest Customer | Accounts Receivable | Credit Concentration Risk          
Significant Accounting Policies [Line Items]          
Concentration risk percentage   5.00% 11.00%    
v3.24.0.1
Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail)
Dec. 31, 2023
Tooling and molds  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives (in years) 2 years
Minimum | Furniture, fixtures, and warehouse equipment  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives (in years) 2 years
Minimum | Computer equipment, software and other  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives (in years) 3 years
Maximum | Furniture, fixtures, and warehouse equipment  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives (in years) 7 years
Maximum | Computer equipment, software and other  
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful lives (in years) 5 years
v3.24.0.1
Acquisitions - Additional Information (Detail) - USD ($)
$ in Thousands
Jan. 19, 2023
Jun. 08, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]          
Goodwill     $ 133,795 $ 131,380 $ 126,651
MessageMe, Inc          
Business Acquisition [Line Items]          
Percentage of voting interests acquired 100.00%        
Cash consideration paid $ 6,000        
Finite lived intangible assets acquired $ 1,800        
Estimated useful life 10 years        
Cash $ 600        
Liabilities 500        
Goodwill $ 4,100        
Mondo Tees Buyer LLC          
Business Acquisition [Line Items]          
Percentage of voting interests acquired   100.00%      
Cash consideration paid   $ 14,000      
Estimated useful life   10 years      
Cash   $ 37      
Goodwill   5,458      
Intangible assets   $ 7,370      
v3.24.0.1
Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Jun. 08, 2022
Dec. 31, 2021
Business Acquisition [Line Items]        
Goodwill $ 133,795 $ 131,380   $ 126,651
Mondo Tees Buyer LLC        
Business Acquisition [Line Items]        
Cash     $ 37  
Accounts receivable     702  
Inventory     2,508  
Other current assets     2,545  
Intangible assets     7,370  
Goodwill     5,458  
Current liabilities     (4,616)  
Consideration transferred     $ 14,004  
v3.24.0.1
Goodwill and Intangible Assets - Additional Information (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
unit
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]      
Number of reporting units | unit 1    
Impairment charges $ 0 $ 0 $ 0
Impairment of intangible assets indefinite-lived $ 100,000 $ 100,000  
Impairment of intangible asset indefinite lived excluding goodwill statement of income or comprehensive income extensible enumeration not disclosed flag indefinite-lived assets indefinite-lived assets  
Intangible assets impairment charge $ 0 $ 200,000 0
Amortization expense $ 15,800,000 $ 15,400,000 $ 16,200,000
v3.24.0.1
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill    
Goodwill, Beginning balance $ 131,380 $ 126,651
Acquisition 4,065 5,117
Reclassification to assets held-for-sale (2,162)  
Foreign currency remeasurement 512 (388)
Goodwill, Ending balance $ 133,795 $ 131,380
v3.24.0.1
Goodwill and Intangible Assets - Schedule of Identified Intangible Assets by Major Class (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 290,438 $ 288,328
Accumulated Amortization (123,138) (107,184)
Intangible Assets, Net 167,300 181,144
Intellectual property    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 115,331 115,331
Accumulated Amortization (47,638) (41,897)
Intangible Assets, Net 67,693 73,434
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 92,528 90,728
Accumulated Amortization (35,792) (30,622)
Intangible Assets, Net 56,736 60,106
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 71,463 71,278
Accumulated Amortization (32,378) (28,520)
Intangible Assets, Net 39,085 42,758
Licensor relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 11,116 10,991
Accumulated Amortization (7,330) (6,145)
Intangible Assets, Net $ 3,786 $ 4,846
Minimum | Intellectual property    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (Years) 3 years  
Minimum | Trade names    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (Years) 10 years  
Minimum | Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (Years) 3 years  
Minimum | Licensor relationships    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (Years) 10 years  
Maximum | Intellectual property    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (Years) 20 years  
Maximum | Trade names    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (Years) 20 years  
Maximum | Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (Years) 20 years  
Maximum | Licensor relationships    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (Years) 20 years  
v3.24.0.1
Goodwill and Intangible Assets - Schedule of Future Five Year Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Amortization    
2024 $ 15,707  
2025 15,707  
2026 15,707  
2027 14,544  
2028 13,862  
Thereafter 91,773  
Intangible Assets, Net $ 167,300 $ 181,144
v3.24.0.1
Accounts Receivable, Net - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Tenant improvement receivable from lessor $ 800 $ 1,500  
Income taxes receivable, current 300 7,800  
Bad debt expense $ 294 $ 6,127 $ 900
Minimum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Period past due for trade accounts receivable 30 days    
Maximum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Period past due for trade accounts receivable 90 days    
v3.24.0.1
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Receivables [Abstract]      
Accounts receivable $ 180,000 $ 232,816  
Less: Allowance for sales discounts (44,121) (57,332)  
Less: Allowance for doubtful accounts (5,048) (7,589) $ (3,156)
Accounts receivable, net $ 130,831 $ 167,895  
v3.24.0.1
Accounts Receivable, Net - Schedule of Activity in Allowance for Doubtful Accounts (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Allowance For Doubtful Accounts [Roll Forward]      
Allowance for doubtful accounts - beginning $ 7,589 $ 3,156  
Charged to costs 294 6,127 $ 900
Write offs (2,835) (1,694)  
Allowance for doubtful accounts - ending $ 5,048 $ 7,589 $ 3,156
v3.24.0.1
Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]    
Prepaid deposits for inventory and molds $ 2,428 $ 2,500
Prepaid royalties, net 25,079 12,985
Crypto asset safeguarding asset 6,060 11,271
Assets held-for-sale 8,694 0
Other prepaid expenses and current assets 13,873 12,892
Prepaid expenses and other current assets $ 56,134 $ 39,648
v3.24.0.1
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 291,341 $ 260,558
Less: Accumulated depreciation (200,006) (158,326)
Property and equipment, net 91,335 102,232
Tooling and molds    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 176,447 145,021
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 74,034 68,160
Computer equipment, software and other    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 13,222 15,315
Furniture, fixtures and warehouse equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 27,465 24,714
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 173 $ 7,348
v3.24.0.1
Property and Equipment, Net - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 44.0 $ 32.2 $ 25.0
v3.24.0.1
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Accrued Liabilities And Other Current Liabilities [Abstract]    
Accrued payroll and compensation $ 20,320 $ 25,146
Accrued shipping & freight costs 5,119 21,698
Accrued sales taxes 2,156 1,377
Current liabilities under tax receivable agreement 8,960 9,567
Crypto asset safeguarding liability 6,060 11,271
Deferred revenue 9,914 8,674
Other current liabilities 37,965 35,099
Accrued liabilities and other current liabilities $ 90,494 $ 112,832
v3.24.0.1
Fair Value Measurements - Additional Information (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Crypto asset safeguarding liability $ 6,060 $ 11,271
Crypto asset safeguarding asset 6,060 11,271
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 13,500 500
Level 1 | Fair Value Measurements Recurring Basis    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Crypto asset safeguarding liability 6,100 11,300
Crypto asset safeguarding asset 6,100 11,300
Funko Acquisition Holdings, L.L.C. | Level 3 | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Estimated fair values of debt instruments 154,900 177,500
Secured debt $ 153,100 $ 175,800
v3.24.0.1
Debt - Schedule of Debt (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Nov. 25, 2022
Debt Instrument [Line Items]      
Line of credit $ 120,500 $ 70,000  
Debt issuance costs (1,861) (1,681)  
Total term debt 153,058 175,819  
Less: current portion 22,072 22,041  
Long-term debt, net 130,986 153,778  
Equipment Finance Loan | Loans Payable      
Debt Instrument [Line Items]      
Equipment Finance Loan 15,419 20,000 $ 20,000
Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of credit 120,500 70,000  
Term Loan Facility      
Debt Instrument [Line Items]      
Term Loan Facility 139,500 157,500  
Equipment Finance Loan $ 139,500 $ 157,500  
v3.24.0.1
Debt - Schedule of Maturities of Long-term Debt (Detail)
$ in Thousands
Dec. 31, 2023
USD ($)
Debt Disclosure [Abstract]  
2024 $ 22,850
2025 23,134
2026 108,935
Total $ 154,919
v3.24.0.1
Debt - Additional Information (Detail)
Feb. 28, 2023
USD ($)
Nov. 25, 2022
USD ($)
Sep. 17, 2021
USD ($)
step_down
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Jul. 29, 2022
USD ($)
Debt Instrument [Line Items]            
Number of spread | step_down     2      
Line of credit       $ 120,500,000 $ 70,000,000  
Letters of credit outstanding       0 0  
SONIA Rate            
Debt Instrument [Line Items]            
Interest rate margins     4.00%      
Prime Rate            
Debt Instrument [Line Items]            
Interest rate margins     3.00%      
Step down percent     0.25%      
Debt instrument, interest rate, stated percentage     0.00%      
Revolving Credit Facility            
Debt Instrument [Line Items]            
Line of credit       120,500,000 70,000,000  
Term Loan Facility            
Debt Instrument [Line Items]            
Outstanding amount of borrowing       139,500,000 157,500,000  
Secured Debt            
Debt Instrument [Line Items]            
Face amount     $ 180,000,000      
Long term debt maturity percentage first and second year     2.50%      
Line of Credit | Revolving Credit Facility            
Debt Instrument [Line Items]            
Line of credit     $ 100,000,000     $ 215,000,000
Line of credit facility, available borrowing capacity       20,500,000 145,000,000  
Line of Credit | Revolving Credit Facility | Term Benchmark Loan Or RFR Loan            
Debt Instrument [Line Items]            
Interest rate margins 4.00%          
Line of Credit | Revolving Credit Facility | Third Amendment            
Debt Instrument [Line Items]            
Line of credit $ 180,000,000     150,000,000    
Cash requirement, minimum 10,000,000          
Mandatory repayment, proceeds threshold $ 25,000,000          
Net leverage ratio 2.50          
Debt Instrument fixed charge coverage ratio 1.25          
Line of Credit | Revolving Credit Facility | Prime Rate | Canadian Prime Loan Or ABR Loan            
Debt Instrument [Line Items]            
Interest rate margins 3.00%          
Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate            
Debt Instrument [Line Items]            
Interest rate margins     0.10%      
Loans Payable | Equipment Finance Loan            
Debt Instrument [Line Items]            
Debt instrument, interest rate, stated percentage   5.71%        
Outstanding amount of borrowing   $ 20,000,000   $ 15,419,000 $ 20,000,000  
Debt instrument term   48 months        
v3.24.0.1
Leases - Narratives (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Operating leases, renewal term 5 years    
Rent expense $ 29.4 $ 24.5 $ 16.5
Loss on termination of lease 4.2    
Operating lease, payments 19.5 16.0  
Right-of-use asset obtained in exchange for operating lease liability $ 0.9 54.1  
Lease incentive   $ 17.2  
Weighted average remaining lease term 6 years 8 months 12 days 7 years 4 months 24 days  
Weighted average discount rate, percent 5.78% 5.76%  
Rental income $ 0.6 $ 0.4 $ 0.3
v3.24.0.1
Leases - Summary of Future Payments On Operating Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Leases [Abstract]  
2024 $ 18,076
2025 17,122
2026 17,453
2027 12,952
2028 12,163
Thereafter 29,654
Total lease payments 107,420
Less: imputed interest (18,625)
Total $ 88,795
v3.24.0.1
Income Taxes - Schedule of Income Before Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Domestic $ (46,847) $ (39,077) $ 72,758
Foreign 14,906 16,036 12,157
(Loss) income before income taxes $ (31,941) $ (23,041) $ 84,915
v3.24.0.1
Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current income taxes:      
Federal $ 5,574 $ (4,766) $ 12,894
State and local 71 1,629 1,825
Foreign 3,728 2,750 2,703
Current income taxes 9,373 (387) 17,422
Deferred income taxes:      
Federal 105,236 (11,227) (185)
State and local 17,888 (5,945) (18)
Foreign 0 (242) (158)
Deferred income taxes 123,124 (17,414) (361)
Income tax expense (benefit) $ 132,497 $ (17,801) $ 17,061
v3.24.0.1
Income Taxes - Schedule of Reconciliation of Income Tax Expense from Operations Computed at U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Expected U.S. federal income taxes at statutory rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal benefit (56.20%) 20.20% 1.70%
Foreign taxes (9.30%) (9.90%) 2.50%
Foreign tax credit 0.00% 11.70% 0.00%
Non-deductible expenses (0.90%) (2.10%) (1.10%)
Change in valuation allowance (340.50%) 47.20% 2.30%
Non-controlling interest (6.80%) 2.60% (6.00%)
Share-based compensation (1.60%) (19.80%) 0.10%
Return to provision (23.80%) 4.90% 1.50%
Other, net 3.30% 1.50% (1.90%)
Income tax expense (414.80%) 77.30% 20.10%
v3.24.0.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Investment in partnership $ 86,337 $ 93,923
Tax receivable agreement liability 2,150 26,860
Stock-based compensation 6,790 5,402
Foreign tax credit 62 834
Other carryforwards 146 826
Net operating loss carryforward 34,867 0
Gross deferred tax assets 130,352 127,845
Valuation allowance (130,352) (3,952)
Deferred tax assets, net of valuation allowance 0 123,893
Deferred tax liabilities:    
Property and equipment (402) (382)
Gross deferred tax liabilities (402) (382)
Net deferred tax assets $ (402)  
Net deferred tax assets   $ 123,511
v3.24.0.1
Income Taxes - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Investment in partnership $ 86,337,000 $ 93,923,000  
Deferred tax assets, valuation allowance 130,352,000 3,952,000  
Valuation allowance release 123,200,000 11,000,000  
Unrecognized tax benefits $ 0 0 $ 0
Deferred Tax Assets, Net   $ 123,511,000  
v3.24.0.1
Liabilities under Tax Receivable Agreement (Details) - USD ($)
$ in Thousands, shares in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Contingency [Line Items]          
Percentage of tax benefit paid to equity owner   85.00%      
Tax benefit percentage expected   15.00%      
Obligations under tax receivable agreement $ 9,600 $ 8,960 $ 109,187 $ 82,884 $ 62,318
Liability reduction 99,600 $ 100,223 $ 0 $ 0  
Tax receivable agreement, true-up gain (loss) $ 603        
FAH LLC          
Income Tax Contingency [Line Items]          
Equity issued in connection with acquisition prior to Transactions (in shares)   1.8 6.5    
Increase in net deferred tax assets   $ 0 $ 30,600    
v3.24.0.1
Liabilities under Tax Receivable Agreement - Schedule of Liability Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liabilities Under Tax Receivable Agreement [Roll Forward]      
Beginning Balance $ 109,187 $ 82,884 $ 62,318
Additional liabilities for exchanges 0 30,034 20,691
Adjustment to remeasurement of liabilities (100,223) 3,987 1,590
Payments under tax receivable agreement (4) (7,718) (1,715)
Ending balance $ 8,960 $ 109,187 $ 82,884
v3.24.0.1
Commitments and Contingencies (Detail)
$ in Millions
 7 Months Ended 12 Months Ended
Jul. 06, 2020
lawsuit
Jul. 02, 2018
lawsuit
Jun. 12, 2018
stockholder
Dec. 31, 2023
USD ($)
Lessee, Lease, Description [Line Items]        
Minimum royalty obligations, Total       $ 80.4
Minimum royalty obligations, 2024       31.1
Minimum royalty obligations, 2025       48.8
Minimum royalty obligations, 2026       0.2
Minimum royalty obligations, 2027       $ 0.2
Severance payment period       1 year
Operating leases, renewal term       5 years
Expected liabilities under Tax Receivable Agreement       $ 9.0
Number of plaintiffs | stockholder     7  
Cassella v. Mariotti et al., Evans v. Mariotti et al., and Igelido v. Mariotti et al.        
Lessee, Lease, Description [Line Items]        
Number of additional putative class action lawsuits filed | lawsuit 3 1    
Funko Acquisition Holdings, L.L.C.        
Lessee, Lease, Description [Line Items]        
Operating leases, renewal term       5 years
v3.24.0.1
Segments - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2023
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.24.0.1
Segments - Schedule of Product Categories as Percent of Net Sales (Detail) - Sales Revenue - Product Concentration Risk
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Core Collectibles      
Schedule of Property and Equipment Net by Country [Line Items]      
Percent of sales 73.30% 75.50% 79.80%
Loungefly Branded Products      
Schedule of Property and Equipment Net by Country [Line Items]      
Percent of sales 19.60% 19.10% 14.70%
Other      
Schedule of Property and Equipment Net by Country [Line Items]      
Percent of sales 7.10% 5.40% 5.60%
v3.24.0.1
Segments - Schedule of Net Sales and Long-Lived Assets (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule of Segment Reporting Information, by Segment [Table]      
Net sales $ 1,096,086 $ 1,322,706 $ 1,029,293
Long-lived assets 160,586 181,416  
United States      
Schedule of Segment Reporting Information, by Segment [Table]      
Net sales 755,620 966,324 743,846
Long-lived assets 110,308 131,549  
Europe      
Schedule of Segment Reporting Information, by Segment [Table]      
Net sales 268,496 260,557 214,732
Other International      
Schedule of Segment Reporting Information, by Segment [Table]      
Net sales 71,970 95,825 $ 70,715
Vietnam and China      
Schedule of Segment Reporting Information, by Segment [Table]      
Long-lived assets 31,411 28,811  
United Kingdom      
Schedule of Segment Reporting Information, by Segment [Table]      
Long-lived assets $ 18,867 $ 21,056  
v3.24.0.1
Related Party Transactions - Additional Information (Detail)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 28, 2019
lease
Dec. 31, 2023
USD ($)
investor
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Related Party Transaction [Line Items]        
Net sales   $ 1,096,086 $ 1,322,706 $ 1,029,293
Accounts receivable, net   130,831 167,895  
Rent expense   $ 29,400 24,500 16,500
Related Party | Forrest-Pruzan Creative LLC        
Related Party Transaction [Line Items]        
Number of leases of office space | lease 2      
Rent expense     300 300
Related Party | Forbidden Planet        
Related Party Transaction [Line Items]        
Number of investor | investor   1    
Net sales   $ 2,500 1,600 $ 800
Accounts receivable, net   $ 500 $ 200  
v3.24.0.1
Employee Benefit Plans - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits [Abstract]      
Maximum Percentage of employee earnings the employer contributes as a matching contribution in 401(k) plan 4.00%    
Employer matching contributions, amount $ 3.3 $ 3.0 $ 1.8
v3.24.0.1
Stockholders' Equity - Additional Information (Detail)
$ / shares in Units, $ in Millions
 12 Months Ended
May 03, 2022
USD ($)
shares
Apr. 18, 2019
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Nov. 01, 2017
vote
$ / shares
shares
Oct. 23, 2017
shares
Class of Stock [Line Items]              
Shares authorized, annual increase, percent   2.00%          
Award vesting period     4 years        
Contractual terms     10 years        
Options granted, weighted average grant date fair value (in dollars per share) | $ / shares     $ 6.71 $ 10.85 $ 9.26    
Equity-based compensation | $     $ 10.5 $ 16.6 $ 13.0    
Unrecognized equity-based compensation expense | $     $ 23.1        
Equity-based compensation costs not yet recognized, remaining weighted average period     2 years 6 months        
2017 Plan              
Class of Stock [Line Items]              
Common stock, shares reserved for future issuance (in shares)     1,206,560        
2017 Plan | Performance Stock Unit              
Class of Stock [Line Items]              
Estimated target achievement, percent     73.50%        
2019 Plan              
Class of Stock [Line Items]              
Common stock reserved for issuance (in shares)     7,706,086        
Common stock, shares reserved for future issuance (in shares)     3,706,144        
Funko Acquisition Holdings, L.L.C.              
Class of Stock [Line Items]              
Equity-based compensation | $     $ 10.5 $ 16.6 $ 13.0    
Funko Acquisition Holdings, L.L.C. | Non- Controlling Interests | FAH LLC              
Class of Stock [Line Items]              
Agreement stock ratio 1            
Common stock, shares outstanding (in shares) 4,251,701            
Payment to purchase interest | $ $ 74.0            
Amended and Restated Certificate of Incorporation              
Class of Stock [Line Items]              
Preferred stock, shares authorized (in shares)           20,000,000  
Preferred stock, par value (in dollars per share) | $ / shares           $ 0.0001  
IPO | Funko Acquisition Holdings, L.L.C. | Class A Units              
Class of Stock [Line Items]              
Options to purchase units converted to common units (in shares)     555,867,000        
Class A Common Stock              
Class of Stock [Line Items]              
Common stock, shares authorized (in shares)     200,000,000 200,000,000      
Common stock, par value (in dollars per share) | $ / shares     $ 0.0001 $ 0.0001      
Number of vote per share | vote           1  
Common stock, shares outstanding (in shares)     50,549,000 47,192,000      
Class A Common Stock | 2017 Plan              
Class of Stock [Line Items]              
Common stock reserved for issuance (in shares)             5,518,518
Class A Common Stock | 2019 Plan              
Class of Stock [Line Items]              
Common stock reserved for issuance (in shares)   3,000,000          
Class A Common Stock | Funko Acquisition Holdings, L.L.C.              
Class of Stock [Line Items]              
Common stock, shares outstanding (in shares)     50,500,000 47,200,000 40,100,000    
Class A Common Stock | Funko Acquisition Holdings, L.L.C. | Non- Controlling Interests | FAH LLC              
Class of Stock [Line Items]              
Agreement stock ratio 1            
Class A Common Stock | Amended and Restated Certificate of Incorporation              
Class of Stock [Line Items]              
Common stock, shares authorized (in shares)           200,000,000  
Common stock, par value (in dollars per share) | $ / shares           $ 0.0001  
Class B Common Stock              
Class of Stock [Line Items]              
Common stock, shares authorized (in shares)     50,000,000 50,000,000      
Common stock, par value (in dollars per share) | $ / shares     $ 0.0001 $ 0.0001      
Number of vote per share | vote           1  
Common stock, shares outstanding (in shares)     2,277,000 3,293,000      
Shares retired (in shares) 900,000            
Class B Common Stock | Funko Acquisition Holdings, L.L.C. | Non- Controlling Interests | FAH LLC              
Class of Stock [Line Items]              
Agreement stock ratio 1            
Class B Common Stock | Amended and Restated Certificate of Incorporation              
Class of Stock [Line Items]              
Common stock, shares authorized (in shares)           50,000,000  
Common stock, par value (in dollars per share) | $ / shares           $ 0.0001  
v3.24.0.1
Stockholders' Equity - Schedule of Stock Option Activity (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Funko Acquisition Holdings, L.L.C.    
Stock Options    
Outstanding beginning (in shares) 146  
Exercised (in shares) (146)  
Outstanding ending (in shares) 0 146
Options exercisable (in shares) 0  
Weighted Average Exercise Price    
Outstanding beginning (in dollars per share) $ 0.05  
Exercised (in dollars per share) 0.05  
Outstanding ending (in dollars per share) 0 $ 0.05
Weighted Average Exercise Price, Options exercisable (in dollars per share) $ 0  
Aggregate Intrinsic Value, Outstanding $ 1,590  
Aggregate Intrinsic Value, Exercised 1,078  
Aggregate Intrinsic Value, Outstanding 0 $ 1,590
Aggregate Intrinsic Value, Options exercisable $ 0  
Remaining Contractual Life, Outstanding 0 years 4 months 28 days
Remaining Contractual Life, Options exercisable 0 years  
2017 Plan    
Stock Options    
Outstanding beginning (in shares) 3,860  
Granted (in shares) 874  
Exercised (in shares) (162)  
Forfeited (in shares) (1,676)  
Outstanding ending (in shares) 2,896 3,860
Options exercisable (in shares) 1,811  
Weighted Average Exercise Price    
Outstanding beginning (in dollars per share) $ 15.40  
Granted (in dollars per share) 10.90  
Exercised (in dollars per share) 4.61  
Forfeited (in dollars per share) 15.67  
Outstanding ending (in dollars per share) 14.49 $ 15.40
Weighted Average Exercise Price, Options exercisable (in dollars per share) $ 14.90  
Aggregate Intrinsic Value, Outstanding $ 3,455  
Aggregate Intrinsic Value, Granted 0  
Aggregate Intrinsic Value, Exercised 559  
Aggregate Intrinsic Value, Forfeited 704  
Aggregate Intrinsic Value, Outstanding 845 $ 3,455
Aggregate Intrinsic Value, Options exercisable $ 770  
Remaining Contractual Life, Outstanding 6 years 10 months 2 days 7 years 2 months 15 days
Remaining Contractual Life, Options exercisable 5 years 8 months 19 days  
v3.24.0.1
Stockholders' Equity - Schedule of Stock Unit Activity (Detail) - 2017 Plan - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock Unit    
Funko, Inc. Restricted Stock Units    
Unvested (in shares) 2,719  
Granted (in shares) 1,273  
Vested (in shares) (1,426)  
Forfeited (in shares) (718)  
Unvested (in shares) 1,848 2,719
Weighted Average Grant Date Fair Value    
Unvested (in dollars per share) $ 16.82  
Granted (in dollars per share) 9.38  
Vested (in dollars per share) 12.59  
Forfeited (in dollars per share) 15.58  
Unvested (in dollars per share) $ 12.51 $ 16.82
Remaining Contractual Life 2 years 6 months 7 days 2 years 10 months 9 days
Performance Stock Unit    
Funko, Inc. Restricted Stock Units    
Unvested (in shares) 67  
Granted (in shares) 114  
Vested (in shares) (12)  
Forfeited (in shares) (56)  
Unvested (in shares) 113 67
Weighted Average Grant Date Fair Value    
Unvested (in dollars per share) $ 17.09  
Granted (in dollars per share) 9.77  
Vested (in dollars per share) 17.09  
Forfeited (in dollars per share) 13.01  
Unvested (in dollars per share) $ 12.10 $ 17.09
Remaining Contractual Life 1 year 9 months 2 years
v3.24.0.1
Stockholders' Equity - Schedule of Stock Option Exercises Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Equity [Abstract]      
Cash received for exercise price $ 756 $ 1,472 $ 3,794
Intrinsic value $ 559 $ 1,042 $ 2,543
v3.24.0.1
Stockholders' Equity - Schedule of Option Pricing Model Inputs (Detail) - 2017 Plan and 2019 Plan
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Class of Stock [Line Items]      
Expected term (years) 6 years 3 days 6 years 18 days 6 years 21 days
Expected volatility 76.70% 63.60% 48.60%
Risk-free interest rate 4.10% 2.20% 1.00%
Dividend yield 0.00% 0.00% 0.00%
v3.24.0.1
Non-controlling Interests - Additional Information (Detail) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Noncontrolling Interest [Line Items]      
Equity-based compensation $ 10,500 $ 16,600 $ 13,000
Income tax (benefit) expense $ 132,497 $ (17,801) $ 17,061
Class A Common Stock      
Noncontrolling Interest [Line Items]      
Common stock, shares outstanding (in shares) 50,549 47,192  
Funko Acquisition Holdings, L.L.C.      
Noncontrolling Interest [Line Items]      
Ownership percentage 94.90% 91.60% 77.30%
Equity-based compensation $ 10,500 $ 16,600 $ 13,000
Income tax (benefit) expense $ (128,700) $ 20,500 $ (14,300)
Funko Acquisition Holdings, L.L.C. | Class A Common Stock      
Noncontrolling Interest [Line Items]      
Common stock, shares outstanding (in shares) 50,500 47,200 40,100
v3.24.0.1
Earnings per Share - Schedule of Reconciliations of Numerators and Denominators Used to Compute Basic and Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Numerator:      
Net (loss) income $ (164,438) $ (5,240) $ 67,854
Less: net (loss) income attributable to non-controlling interests (10,359) 2,795 23,954
Net (loss) income attributable to Funko, Inc. (154,079) (8,035) 43,900
Add: Reallocation of net income attributable to non- controlling interests from the assumed exchange of common units of FAH, LLC for Class A common stock 0 0 0
Net (loss) income attributable to Funko, Inc. — diluted $ (154,079) $ (8,035) $ 43,900
Denominator:      
Weighted-average shares of Class A common stock outstanding — basic (in shares) 48,332,401 44,554,788 38,392,390
Add: Dilutive common units of FAH, LLC that are convertible into Class A common stock (in shares) 0 0 227,500
Add: Dilutive Funko, Inc. equity compensation awards (in shares) 0 0 1,990,728
Weighted-average shares of Class A common stock outstanding — diluted (in shares) 48,332,401 44,554,788 40,610,618
(Loss) earnings per share of Class A common stock — basic (in dollars per share) $ (3.19) $ (0.18) $ 1.14
(Loss) earnings per share of Class A common stock — diluted (in dollars per share) $ (3.19) $ (0.18) $ 1.08
v3.24.0.1
Earnings per Share - Additional Information (Detail) - Class A Common Stock - shares
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Anti-dilutive shares excluded from weighted-average in computation of diluted earnings per share (in shares) 9.9 11.6 14.7
Funko Acquisition Holdings, L.L.C.      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Anti-dilutive shares excluded from weighted-average in computation of diluted earnings per share (in shares) 4.0 7.0 13.2
v3.24.0.1
Schedule I: Condensed Financial Information of Registrant - Condensed Statements of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Intercompany revenue $ 1,096,086 $ 1,322,706 $ 1,029,293
Selling, general, and administrative expenses 377,065 398,272 244,331
Total operating expenses 1,199,913 1,334,626 933,828
(Loss) income from operations (103,827) (11,920) 95,465
Interest (expense) income, net 27,970 10,334 7,167
Tax receivable agreement liability adjustment (100,223) 3,987 1,590
(Loss) income before income taxes (31,941) (23,041) 84,915
Income tax expense (benefit) 132,497 (17,801) 17,061
Net (loss) income (164,438) (5,240) 67,854
Parent Company      
Segment Reporting Information [Line Items]      
Intercompany revenue 226 564 82
Selling, general, and administrative expenses 10,812 16,941 13,163
Total operating expenses 10,812 16,941 13,163
(Loss) income from operations (10,586) (16,377) (13,081)
Interest (expense) income, net (321) (168) 3
Tax receivable agreement liability adjustment 100,223 (3,987) (1,590)
Equity in net (loss) income of subsidiaries (114,697) (8,040) 72,916
(Loss) income before income taxes (25,381) (28,572) 58,248
Income tax expense (benefit) 128,698 (20,537) 14,348
Net (loss) income $ (154,079) $ (8,035) $ 43,900
v3.24.0.1
Schedule I: Condensed Financial Information of Registrant - Condensed Statements of Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Net (loss) income $ (164,438) $ (5,240) $ 67,854
Other comprehensive (loss) income:      
Comprehensive (loss) income attributable to Funko, Inc. (151,656) (11,716) 43,260
Parent Company      
Segment Reporting Information [Line Items]      
Net (loss) income (154,079) (8,035) 43,900
Other comprehensive (loss) income:      
Foreign currency translation (loss) gain, net of tax effect of $(770), $1,169 and $163 for the years ended December 31, 2023, 2022 and 2021, respectively 2,423 (3,681) (544)
Reclassification of foreign currency translation gain into net (loss) income 0 0 (96)
Comprehensive (loss) income attributable to Funko, Inc. $ (151,656) $ (11,716) $ 43,260
v3.24.0.1
Schedule I: Condensed Financial Information of Registrant - Condensed Statements of Comprehensive Income (Loss) (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Foreign currency translation gain (loss), tax $ (770) $ 1,169 $ 163
Parent Company      
Segment Reporting Information [Line Items]      
Foreign currency translation gain (loss), tax $ (770) $ 1,169 $ 163
v3.24.0.1
Schedule I: Condensed Financial Information of Registrant - Condensed Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current assets:        
Cash and cash equivalents $ 36,453 $ 19,200    
Total current assets 342,876 473,172    
Deferred tax asset, net of valuation allowance 0 123,893    
Total assets 804,645 1,091,145    
Current liabilities:        
Accrued expenses and other current liabilities 90,494 112,832    
Total current liabilities 358,832 361,397    
Liabilities under tax receivable agreement, net of current portion 0 99,620    
Commitments and contingencies    
Stockholders' equity:        
Additional paid-in-capital 326,180 310,807    
Accumulated other comprehensive (loss) income (180) (2,603)    
(Accumulated deficit) retained earnings (94,064) 60,015    
Total stockholders' equity 238,040 389,689 $ 396,558 $ 322,445
Total liabilities and stockholders' equity 804,645 1,091,145    
Class A Common Stock        
Stockholders' equity:        
Common stock, value 5 5    
Class B Common Stock        
Stockholders' equity:        
Common stock, value 0 0    
Parent Company        
Current assets:        
Cash and cash equivalents 3,734 911    
Income tax receivable 311 7,530    
Total current assets 4,045 8,441    
Intercompany receivable 118,783 119,219    
Deferred tax asset, net of valuation allowance 0 123,893    
Investment in subsidiaries 118,443 225,858    
Total assets 241,271 477,411    
Current liabilities:        
Current portion of liabilities under tax receivable agreement 8,960 9,567    
Accrued expenses and other current liabilities 370 0    
Total current liabilities 9,330 9,567    
Liabilities under tax receivable agreement, net of current portion 0 99,620    
Commitments and contingencies    
Stockholders' equity:        
Additional paid-in-capital 326,180 310,807    
Accumulated other comprehensive (loss) income (180) (2,603)    
(Accumulated deficit) retained earnings (94,064) 60,015    
Total stockholders' equity 231,941 368,224    
Total liabilities and stockholders' equity 241,271 477,411    
Parent Company | Class A Common Stock        
Stockholders' equity:        
Common stock, value 5 5    
Parent Company | Class B Common Stock        
Stockholders' equity:        
Common stock, value $ 0 $ 0    
v3.24.0.1
Schedule I: Condensed Financial Information of Registrant - Condensed Balance Sheets (Narrative) (Details) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Class A Common Stock    
Segment Reporting Information [Line Items]    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares outstanding (in shares) 50,549,000 47,192,000
Common stock, shares issued (in shares) 50,549,000 47,192,000
Class B Common Stock    
Segment Reporting Information [Line Items]    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 50,000,000 50,000,000
Common stock, shares outstanding (in shares) 2,277,000 3,293,000
Common stock, shares issued (in shares) 2,277,000 3,293,000
v3.24.0.1
Schedule I: Condensed Financial Information of Registrant - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net (loss) income $ (164,438) $ (5,240) $ 67,854
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Equity-based compensation 10,534 16,591 12,994
Deferred tax expense (benefit) 123,124 (17,414) (361)
Tax receivable liability adjustment 100,223 (3,987) (1,590)
Changes in operating assets and liabilities, net of amounts acquired:      
Prepaid expenses and other assets 3,242 (7,263) 3,700
Income taxes payable 75 (15,018) 15,585
Accrued expenses and other liabilities (34,927) (22,841) 63,586
Net cash provided by (used in) operating activities 30,935 (40,134) 87,362
Investing Activities      
Net cash used in investing activities (39,796) (78,065) (27,381)
Financing Activities      
Net cash provided by (used in) financing activities 25,596 54,639 (28,628)
Net change in cash and cash equivalents 17,253 (64,357) 31,302
Cash and cash equivalents at beginning of period 19,200 83,557 52,255
Cash and cash equivalents at end of period 36,453 19,200 83,557
Supplemental Cash Flow Information      
Income tax payments 1,059 22,363 1,462
Establishment of liabilities under tax receivable agreement 0 30,034 20,691
Issuance of equity instruments for acquisitions 0 1,487 0
Parent Company      
Operating Activities      
Net (loss) income (154,079) (8,035) 43,900
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Equity in net loss (income) of subsidiaries 114,697 8,040 (72,916)
Equity-based compensation 10,534 16,591 12,994
Deferred tax expense (benefit) 123,124 (17,173) (203)
Tax receivable liability adjustment (100,223) 3,987 1,590
Changes in operating assets and liabilities, net of amounts acquired:      
Income tax receivable 7,219 (7,530) 294
Due from related parties, net 436 (984) 1,351
Prepaid expenses and other assets 0 (11,019) 0
Income taxes payable 0 (14,684) 14,684
Accrued expenses and other liabilities 370 11,190 (571)
Net cash provided by (used in) operating activities 2,078 (19,617) 1,123
Investing Activities      
Capital contribution to FAH, LLC 0 (73,980) 0
Net cash used in investing activities 0 (73,980) 0
Financing Activities      
Tax distribution received from FAH, LLC 0 38,811 24,173
Tax receivable agreement payments (4) (7,718) (1,715)
Proceeds from exercise of equity-based options 749 1,472 3,794
Net cash provided by (used in) financing activities 745 32,565 26,252
Net change in cash and cash equivalents 2,823 (61,032) 27,375
Cash and cash equivalents at beginning of period 911 61,943 34,568
Cash and cash equivalents at end of period 3,734 911 61,943
Supplemental Cash Flow Information      
Income tax payments 0 18,999 23
Establishment of liabilities under tax receivable agreement 0 30,034 20,691
Issuance of equity instruments for acquisitions $ 0 $ 1,487 $ 0
v3.24.0.1
Schedule I: Condensed Financial Information of Registrant - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
May 03, 2022
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information [Line Items]            
Obligations under tax receivable agreement   $ 8,960 $ 9,600 $ 109,187 $ 82,884 $ 62,318
Percentage of tax benefit paid to equity owner   85.00%        
Class B Common Stock            
Segment Reporting Information [Line Items]            
Common stock, shares outstanding (in shares)   2,277,000   3,293,000    
Shares retired (in shares) 900,000          
Parent Company            
Segment Reporting Information [Line Items]            
Intercompany receivable   $ 118,783   $ 119,219    
Obligations under tax receivable agreement   $ 9,000   $ 109,200    
Percentage of tax benefit paid to equity owner   85.00%        
Funko Acquisition Holdings, L.L.C. | FAH LLC | Non- Controlling Interests            
Segment Reporting Information [Line Items]            
Common stock, shares outstanding (in shares) 4,251,701          
Payment to purchase interest $ 74,000          
Agreement stock ratio 1          
Funko Acquisition Holdings, L.L.C. | Class B Common Stock | FAH LLC | Non- Controlling Interests            
Segment Reporting Information [Line Items]            
Agreement stock ratio 1