PLBY Group, Inc. (NASDAQ: PLBY) (“PLBY Group” or the “Company”), a
leading pleasure and leisure lifestyle company and owner of
Playboy, one of the most recognizable and iconic brands in the
world, today announced financial and operational results for the
quarter ended June 30, 2024.
Comments from Ben Kohn, Chief Executive
Officer of PLBY Group
“We have taken significant steps to position
Playboy for future success, aimed at strengthening our balance
sheet and enhancing our operations. Our senior lenders have agreed
to give us an exclusive period of time to repay all of the debt at
a significant discount, which would meaningfully reduce total
company leverage. To accomplish this, we have engaged a leading
investment bank to help secure new financing.”
“In recent months, we made substantial progress
to bring one of the most iconic lifestyle brands in all of
entertainment into the digital age. Playboy is the quintessential
lifestyle brand, with a rich heritage, reaching not only across
generations, but across content categories as well. We are
confident that by rebuilding key content verticals such as men’s
lifestyle, automotive, sports and travel, we can vastly expand the
ways in which consumers interact with our brand – through social
media, events and experiences, and content on a newly redesigned
Playboy.com, which debuted earlier this week. The power of the
creator economy is the key to building a successful and relevant
content business in today’s rapidly changing media ecosystem, and
we plan to partner with creators of all types to produce dynamic,
fresh content across all of our distribution channels. We are
creating exciting opportunities for advertising and sponsorship
partners to reach new consumers by re-establishing Playboy as the
premier aspirational lifestyle brand. This new strategy is already
delivering results, including a multi-million dollar pipeline of
sponsorship deals. A key part of this strategy was revamping our
social media accounts, driving nearly 30 million Instagram video
views in the past three months alone, according to Emplifi, our
social media insights provider.”
“Playboy magazine, scheduled to return in early
2025, will serve as a powerful promotional tool for our relaunch,
and will feature not only Playmate and celebrity collaborations,
but also many iconic franchises such as the Playboy Interview, 20
Questions and the Playboy Advisor. Playboy is known for launching
the careers of some of the most talented women in the world, and we
are reviving that legacy with a global search for our newest
Playmate, kicking off with an eight-city casting tour starting next
month in New York City and culminating in the reveal of the 2024
Playmate of the Year in the new magazine.”
“The rebuilding of our licensing business
continues to progress. In the past few months, we’ve signed
multiple new deals, including with a new apparel and accessories
licensing partner in China, a global condoms and gel lubricants
partner, a new e-commerce shop partner, and multiple other deals,
amounting to a total of over $45 million in minimum guarantees over
the coming years. Our pipeline continues to grow and we are
optimistic about what lies ahead for our licensing business.”
Financial Highlights
- Secured an agreement with the
Company’s senior lenders to give it an exclusive period of time to
repay its senior debt at a significant discount, subject to the
negotiation and execution of definitive agreements relating to the
amendment and subsequent refinancing of the Company’s senior
debt.
- Filed a prospectus with the
Securities and Exchange Commission relating to a new At-The-Market
(“ATM”) program, which will allow the Company to offer its common
stock, from time to time, in transactions that are deemed to be “at
the market” offerings, not to exceed an aggregate amount of $15
million. Any sales pursuant to the ATM will be conducted through
Roth Capital Partners as sales agent, although the Company does not
plan on executing the ATM at current trading levels of PLBY shares
and management will be cognizant of dilution when considering sales
in the future.
Second Quarter 2024 Financial
Results
Total revenue was $24.9 million
compared to $35.1 million in the prior year period, reflecting a
year-over-year decrease of $10.2 million, or 29%. Approximately
$1.4 million of the decrease was attributable to the
Playboy.com e-commerce business no longer being operated by the
Company in 2024, which was in addition to a $5.0 million decline in
licensing revenue attributable primarily to the termination of two
China licensees in late 2023. There were also declines at Honey
Birdette and in the Company’s legacy digital business.
Direct-to-consumer revenue
declined $5.2 million, or 26%, year-over-year, to
$14.5 million. Revenues from Playboy.com e-commerce declined
by $1.4 million, as the Company transitioned it from an
owned-and-operated model to a licensing model, while revenue from
Honey Birdette decreased by $3.8 million, or 21%
year-over-year, due largely to an approximately 50% reduction in
the number of days on sale as the Company focuses on brand health
and gross margin.
Licensing revenue declined
$5.0 million, or 49%, year-over-year, to $5.3 million.
The decrease is primarily attributable to China and the termination
of two of the Company’s three largest licensing agreements in late
2023, which management has already begun to remedy by entering into
multiple new licensing agreements in recent months.
Digital subscriptions and content
revenue was $5.1 million, consistent with the prior
year period. An increase in creator platform revenue was offset by
a decline in legacy media.
Net loss from continuing
operations was $16.7 million, an improvement of
$115.6 million from a net loss from continuing operations of
$132.3 million in the prior year period, as the Company
significantly cut costs and expenses and due to a
$146.2 million impairment charge in the prior year period
which did not recur.
Total net loss was
$16.7 million, an improvement of $115.2 million from a
total net loss of $131.8 million in the second quarter of
2023.
Adjusted EBITDA loss was
$2.9 million, a decline of $2.8 million from a
$0.1 million adjusted EBITDA loss during the prior year
period. This reflects a $4.9 million decrease in licensing EBITDA
due largely to two contracts terminated in China in late 2023, a
$0.7 million decline in Honey Birdette EBITDA, partially offset by
a $1.9 million reduction in corporate expense and a $1.3 million
Playboy.com EBITDA loss in the prior year period that did not
recur.
The Company ended the second quarter with
approximately $17 million in cash and cash equivalents.
Webcast Details
The Company will host a webcast at 5 p.m.
Eastern Time today to discuss the second quarter 2024 financial
results. Participants may access the live webcast on the events
section of the PLBY Group website at
https://www.plbygroup.com/investors.
About PLBY Group, Inc.
PLBY Group, Inc. is a global pleasure and
leisure company connecting consumers with products, content, and
experiences that help them lead more fulfilling lives. PLBY Group’s
flagship consumer brand, Playboy, is one of the most recognizable
brands in the world, with products and content available in
approximately 180 countries. PLBY Group’s mission—to create a
culture where all people can pursue pleasure — builds upon over 70
years of creating groundbreaking media and hospitality experiences
and fighting for cultural progress rooted in the core values of
equality, freedom of expression and the idea that pleasure is a
fundamental human right. Learn more at
http://www.plbygroup.com.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
The Company’s actual results may differ from their expectations,
estimates, and projections and, consequently, you should not rely
on these forward-looking statements as predictions of future
events. Words such as “expect”, “estimate”, “project”, “budget”,
“forecast”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”,
“should”, “believes”, “predicts”, “potential”, “continue”, and
similar expressions (or the negative versions of such words or
expressions) are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, the Company’s expectations with respect to future
performance, growth plans and anticipated financial impacts of its
strategic opportunities and corporate transactions.
These forward-looking statements involve
significant risks and uncertainties that could cause the actual
results to differ materially from those discussed in the
forward-looking statements. Factors that may cause such differences
include, but are not limited to: (1) the inability to maintain the
listing of the Company’s shares of common stock on Nasdaq; (2) the
risk that the Company’s completed or proposed transactions disrupt
the Company’s current plans and/or operations, including the risk
that the Company does not complete any such proposed transactions
or achieve the expected benefits from any transactions; (3) the
ability to recognize the anticipated benefits of corporate
transactions, commercial collaborations, commercialization of
digital assets, cost reduction initiatives and proposed
transactions, which may be affected by, among other things,
competition, the ability of the Company to grow and manage growth
profitably, and the Company’s ability to retain its key employees;
(4) costs related to being a public company, corporate
transactions, commercial collaborations and proposed transactions;
(5) changes in applicable laws or regulations; (6) the possibility
that the Company may be adversely affected by global hostilities,
supply chain delays, inflation, interest rates, foreign currency
exchange rates or other economic, business, and/or competitive
factors; (7) risks relating to the uncertainty of the projected
financial information of the Company, including changes in the
Company’s estimates of cash flows and the fair value of certain of
its intangible assets, including goodwill; (8) risks related to the
organic and inorganic growth of the Company’s businesses, and the
timing of expected business milestones; (9) changing demand or
shopping patterns for the Company’s products and services; (10)
failure of licensees, suppliers or other third-parties to fulfill
their obligations to the Company; (11) the Company’s ability to
comply with the terms of its indebtedness and other obligations;
(12) changes in financing markets or the inability of the Company
to obtain financing on attractive terms; and (13) other risks and
uncertainties indicated from time to time in the Company’s annual
report on Form 10-K, including those under “Risk Factors” therein,
and in the Company’s other filings with the Securities and Exchange
Commission. The Company cautions that the foregoing list of factors
is not exclusive, and readers should not place undue reliance upon
any forward-looking statements, which speak only as of the date
which they were made. The Company does not undertake any obligation
to update or revise any forward-looking statements to reflect any
change in its expectations or any change in events, conditions, or
circumstances on which any such statement is based.
Contact:
Investors: investors@plbygroup.comMedia:
press@plbygroup.com
PLBY Group, Inc.Condensed
Consolidated Statements of
Operations(Unaudited)(in
thousands, except share and per share
amounts) |
|
|
Three Months EndedJune 30, |
|
|
|
2024 |
|
|
|
2023 |
|
Net revenues |
|
$ |
24,885 |
|
|
$ |
35,101 |
|
Costs and expenses: |
|
|
|
|
Cost of sales |
|
|
(8,018 |
) |
|
|
(9,659 |
) |
Selling and administrative expenses |
|
|
(25,489 |
) |
|
|
(32,517 |
) |
Impairments |
|
|
(599 |
) |
|
|
(146,240 |
) |
Other operating income, net |
|
|
18 |
|
|
|
259 |
|
Total operating expense |
|
|
(34,088 |
) |
|
|
(188,157 |
) |
Operating loss |
|
|
(9,203 |
) |
|
|
(153,056 |
) |
Nonoperating (expense)
income: |
|
|
|
|
Interest expense |
|
|
(6,588 |
) |
|
|
(5,757 |
) |
Gain on extinguishment of debt |
|
|
— |
|
|
|
7,980 |
|
Fair value remeasurement gain |
|
|
— |
|
|
|
9,523 |
|
Other (expense) income, net |
|
|
(245 |
) |
|
|
175 |
|
Total nonoperating (expense) income |
|
|
(6,833 |
) |
|
|
11,921 |
|
Loss from continuing
operations before income taxes |
|
|
(16,036 |
) |
|
|
(141,135 |
) |
(Expense) benefit from income
taxes |
|
|
(616 |
) |
|
|
8,868 |
|
Net loss from continuing
operations |
|
|
(16,652 |
) |
|
|
(132,267 |
) |
Income (loss) from
discontinued operations, net of tax |
|
|
— |
|
|
|
452 |
|
Net loss |
|
|
(16,652 |
) |
|
|
(131,815 |
) |
Net loss attributable to PLBY
Group, Inc. |
|
$ |
(16,652 |
) |
|
$ |
(131,815 |
) |
Net loss per share from
continuing operations, basic and diluted |
|
$ |
(0.23 |
) |
|
$ |
(1.77 |
) |
Net income (loss) per share
from discontinued operations, basic and diluted |
|
|
— |
|
|
|
0.01 |
|
Net loss per share, basic and
diluted |
|
$ |
(0.23 |
) |
|
$ |
(1.76 |
) |
Weighted-average shares
outstanding, basic and diluted |
|
|
73,040,566 |
|
|
|
74,916,379 |
|
Non-GAAP Reconciliation
This release presents the financial measure
earnings before interest, taxes, depreciation and amortization, or
“EBITDA” and “Adjusted EBITDA”, which are not financial measures
under the accounting principles generally accepted in the United
States of America (“GAAP”). “EBITDA” is defined as net income or
loss before interest, income tax expense or benefit, and
depreciation and amortization. “Adjusted EBITDA” is defined as
EBITDA adjusted for stock-based compensation and other special
items determined by Company management. Adjusted EBITDA is intended
as a supplemental measure of the Company’s performance that is
neither required by, nor presented in accordance with, GAAP. The
Company believes that the use of EBITDA and Adjusted EBITDA
provides an additional tool for investors to use in evaluating
ongoing operating results and trends and in comparing its financial
measures with those of comparable companies, which may present
similar non-GAAP financial measures to investors. However,
investors should be aware that when evaluating EBITDA and Adjusted
EBITDA, the Company may incur future expenses similar to those
excluded when calculating these measures. In addition, the
Company’s presentation of these measures should not be construed as
an inference that the Company’s future results will be unaffected
by unusual or nonrecurring items. The Company’s computation of
Adjusted EBITDA may not be comparable to other similarly titled
measures computed by other companies, because not all companies may
calculate Adjusted EBITDA in the same fashion.
In addition to adjusting for non-cash
stock-based compensation, non-cash charges for the fair value
remeasurements of certain liabilities and non-recurring non-cash
impairments, asset write-downs and inventory reserve charges, the
Company typically adjusts for non-operating expenses and income,
such as non-recurring special projects, including the
implementation of internal controls, non-recurring gain or loss on
the sale of assets, expenses associated with financing activities,
and reorganization and severance expenses that result from the
elimination or rightsizing of specific business activities or
operations.
Because of these limitations, EBITDA and
Adjusted EBITDA should not be considered in isolation or as a
substitute for performance measures calculated in accordance with
GAAP. The Company compensates for these limitations by relying
primarily on the Company’s GAAP results and using EBITDA and
Adjusted EBITDA on a supplemental basis. Investors should review
the reconciliation of net loss to EBITDA and Adjusted EBITDA below
and not rely on any single financial measure to evaluate the
Company’s business.
The following table reconciles the Company’s net
loss from continued operations to EBITDA and Adjusted EBITDA (in
thousands):
GAAP Net Loss to Adjusted EBITDA
Reconciliation(in
thousands) |
|
Three Months EndedJune 30, |
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(16,652 |
) |
|
$ |
(131,815 |
) |
Adjusted
for: |
|
|
|
(Income) loss from discontinued operations, net of tax |
|
— |
|
|
|
(452 |
) |
Net loss from continuing
operations |
|
(16,652 |
) |
|
|
(132,267 |
) |
Adjusted
for: |
|
|
|
Interest expense |
|
6,588 |
|
|
|
5,757 |
|
Gain on extinguishment of debt |
|
— |
|
|
|
(7,980 |
) |
Expense (benefit) from income taxes |
|
616 |
|
|
|
(8,868 |
) |
Depreciation and amortization |
|
2,511 |
|
|
|
1,848 |
|
EBITDA |
|
(6,937 |
) |
|
|
(141,510 |
) |
Adjusted
for: |
|
|
|
Stock-based compensation |
|
2,005 |
|
|
|
3,151 |
|
Impairments |
|
599 |
|
|
|
146,240 |
|
Inventory reserve charges |
|
— |
|
|
|
— |
|
Mandatorily redeemable preferred stock fair value
remeasurement |
|
— |
|
|
|
(9,523 |
) |
Write-down of capitalized software |
|
— |
|
|
|
— |
|
Adjustments |
|
1,397 |
|
|
|
1,548 |
|
Adjusted
EBITDA |
$ |
(2,936 |
) |
|
$ |
(94 |
) |
Grafico Azioni PLBY (NASDAQ:PLBY)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni PLBY (NASDAQ:PLBY)
Storico
Da Dic 2023 a Dic 2024