PLBY (US:PLBY)2024-03-27 20:08Financial Performance - Q4 2023 revenue was $39.4 million, a 12% decrease year-over-year from $44.9 million, with a net loss of $3.8 million, improving from a net loss of $10.2 million in Q4 2022[29][26] - Total revenue for the full year 2023 was $143.0 million, a 23% decrease from $185.5 million in 2022, with direct-to-consumer revenue down 26% to $78.0 million[30][31] - Net loss from continuing operations for 2023 was $186.4 million, an improvement from a net loss of $250.7 million in 2022[34] - Total net loss for 2023 was $180.4 million, a reduction of $97.3 million compared to a total net loss of $277.7 million in 2022[34] - Adjusted EBITDA loss in 2023 was $7.3 million, compared to an adjusted EBITDA loss of $4.5 million in 2022[35] - Net revenues for the year ended December 31, 2023, were $142.95 million, down from $185.54 million in 2022[42] - Cost of sales for 2023 was $54.78 million, a decrease from $82.95 million in 2022[42] - Selling and administrative expenses for 2023 totaled $123.55 million, down from $150.54 million in 2022[42] - Impairments in 2023 were $154.88 million, significantly lower than $283.5 million in 2022[42] - Net loss per share from continuing operations for 2023 was $2.60, compared to $5.28 in 2022[42] Revenue Breakdown - Direct-to-consumer revenue declined 18% year-over-year to $20.4 million, while Honey Birdette revenue increased by 14% to $20.4 million due to improved consumer demand[23][5] - Licensing revenue decreased 27% year-over-year to $44.3 million, primarily due to poor performance from Chinese licensees, partially offset by $5.1 million from prepaid royalty guarantees[32][30] - Digital subscriptions and content revenue increased by 10% year-over-year to $20.7 million, driven by growth from the creator platform[33][25] Cost Management - The company reduced corporate overhead from approximately $50 million in 2022 to a projected $27 million in 2023[4] - Adjusted EBITDA for Q4 2023 was $1.1 million, an improvement of $3.7 million from a loss of $2.6 million in Q4 2022[26] Future Plans - The company plans to increase Honey Birdette's average selling price by 10% and introduce a loyalty program in 2024[15] - The company aims to be EBITDA positive for the full year 2024 while continuing to service its debt[21] - The company plans to host a webcast to discuss the fourth quarter and full year 2023 financial results[36] Risks and Considerations - Forward-looking statements indicate potential risks including market conditions and operational disruptions[39]