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PLBY (PLBY) - 2024 Q4 - Annual Results
PLBYPLBY (PLBY)2025-03-13 20:35

Revenue Performance - Q4 2024 revenue was 33.5million,adecreaseof1533.5 million, a decrease of 15% from 39.4 million in Q4 2023, primarily due to a one-time accounting acceleration related to a former Chinese licensing partner[5] - Licensing revenue fell to 7.8million,down427.8 million, down 42% year-over-year from 13.4 million, largely due to the termination of a major Chinese licensing agreement[6] - Direct-to-Consumer revenue was 19.9million,slightlydownfrom19.9 million, slightly down from 20.4 million in Q4 2023, attributed to reduced promotional activity[7] - Full year 2024 total revenue was 116.1million,adecreaseof19116.1 million, a decrease of 19% from 143.0 million in 2023, with significant declines in licensing revenue and e-commerce[9] - The company expects to generate approximately 120millioninrevenuein2025,supportedbyastronglicensingbusinesswith86120 million in revenue in 2025, supported by a strong licensing business with 86% of revenue secured through contracted minimums[2] Net Loss and Financial Performance - The net loss for Q4 2024 was 12.5 million, compared to a net loss of 9.6millioninQ42023[7]−Thetotalnetlossimprovedto9.6 million in Q4 2023[7] - The total net loss improved to 79.4 million in 2024 from 180.4millionin2023[10]−AdjustedEBITDAlossimprovedto180.4 million in 2023[10] - Adjusted EBITDA loss improved to 6.3 million in 2024, compared to a loss of 7.3millionin2023[11]−ThenetlossforQ42024was7.3 million in 2023[11] - The net loss for Q4 2024 was 12,543 million, compared to a net loss of 3,758millioninQ42023,indicatingasignificantincreaseinlosses[20]−AdjustedEBITDAforQ42024was3,758 million in Q4 2023, indicating a significant increase in losses[20] - Adjusted EBITDA for Q4 2024 was (131) million, a decrease from 1,122millioninQ42023[26]−Thecompanyreportedanetlosspersharefromcontinuingoperationsof1,122 million in Q4 2023[26] - The company reported a net loss per share from continuing operations of 0.15 for Q4 2024, compared to 0.13inQ42023[20]−ThetotalnetlossattributabletoPLBYGroup,Inc.fortheyearendedDecember31,2024,was0.13 in Q4 2023[20] - The total net loss attributable to PLBY Group, Inc. for the year ended December 31, 2024, was 79,397 million, down from 180,418millionin2023[20]CashandDebtManagement−AsofDecember31,2024,cashandcashequivalentswere180,418 million in 2023[20] Cash and Debt Management - As of December 31, 2024, cash and cash equivalents were 30.9 million, up from 28.1millionayearearlier,whilelong−termdebtdecreasedto28.1 million a year earlier, while long-term debt decreased to 122.2 million from 183.5million[12]−Totaloperatingexpensesdecreasedto183.5 million[12] - Total operating expenses decreased to 37,947 million in Q4 2024 from 45,659millioninQ42023,reflectingareductionof1745,659 million in Q4 2023, reflecting a reduction of 17%[20] - Interest expense for Q4 2024 was 4,008 million, a decrease from 5,707millioninQ42023,reflectingareductionof305,707 million in Q4 2023, reflecting a reduction of 30%[26] Strategic Initiatives - PLBY Group plans to relaunch PLAYBOY magazine quarterly and introduce 12 Playmates a year, aiming to monetize through subscriptions and sponsorships[2] Impairments and Operational Losses - Impairments for Q4 2024 were 1,356 million, down from 8,252millioninQ42023,showingareductionof848,252 million in Q4 2023, showing a reduction of 84%[26] - The company incurred a loss from continuing operations before income taxes of 11,658 million in Q4 2024, compared to $11,817 million in Q4 2023[20] - The weighted average shares used in computing net loss per share increased to 83,893,637 in Q4 2024 from 73,676,424 in Q4 2023[20]