Wilhelmina(US:WHLM)2025-05-14 01:28Revenue Growth - Service revenues increased by 11.0% to $4,619 thousand for the three months ended March 31, 2025, compared to $4,163 thousand for the same period in 2024[46] - Total revenues rose by 10.9% to $4,627 thousand for the three months ended March 31, 2025, from $4,171 thousand in the prior year[46] - Total revenues for the three months ended March 31, 2025, were $4,627,000, an increase of 11.2% from $4,163,000 for the same period in 2024[67] Profitability - Operating income surged by 109.6% to $153 thousand for the three months ended March 31, 2025, compared to $73 thousand in the same period of 2024[54] - Net income increased by 72.5% to $157 thousand for the three months ended March 31, 2025, up from $91 thousand in 2024[59] - Net income for the three months ended March 31, 2025, was $157,000, compared to $91,000 for the same period in 2024, reflecting a 72.5% increase[69] - EBITDA improved by 81.8% to $200 thousand for the three months ended March 31, 2025, from $110 thousand in 2024[60] - Adjusted EBITDA for the three months ended March 31, 2025, was $198,000, an increase of 56% from $127,000 in the same period of 2024[69] - Pre-Corporate EBITDA for the three months ended March 31, 2025, was $424,000, compared to $380,000 for the same period in 2024, representing an increase of 11.6%[69] Expenses - Salaries and service costs increased by 9.1% to $3,235 thousand for the three months ended March 31, 2025, compared to $2,966 thousand in 2024[46] - Office and general expenses rose by 15.9% to $968 thousand for the three months ended March 31, 2025, from $835 thousand in the same period of 2024[51] - Model costs for the three months ended March 31, 2025, were $13,162,000, an increase of 12.9% from $11,653,000 in the prior year[67] Cash and Tax - Cash balance decreased to $5.5 million at March 31, 2025, from $8.5 million at December 31, 2024[61] - The effective tax rate decreased to 30.2% for the three months ended March 31, 2025, down from 38.9% in the prior year[58] Revenue Recognition - The company recognizes revenue primarily from fashion model bookings and representation of social media influencers, with performance obligations satisfied at a point in time[72] - The company has adopted ASC 606 for revenue recognition, which reflects the expected consideration received for goods or services[71] Accounts Receivable and Impairment - Accounts receivable are recorded at gross amounts billed to customers, inclusive of model costs, leading to large relative balances[81] - The company performs annual impairment testing for goodwill and intangible assets, recognizing impairment losses when carrying amounts exceed fair values[82] Gross Billings - Gross billings grew by 12.5% to $17,789 thousand for the three months ended March 31, 2025, compared to $15,816 thousand in the previous year[60] - Gross Billings for the three months ended March 31, 2025, were $17,789,000, up 12.4% from $15,816,000 in the prior year[67]