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 provided financial results for the first quarter ended
March 31, 2023.
Comments from Ben Kohn, Chief Executive Officer of PLBY
Group
“Given the continued strong performance of our
creator platform, which has maintained a weekly GMV CAGR north of
10% since the beginning of the year, with GMV up 2.4x in Q1, we
have made the decision to fully exit operating our consumer
products businesses and to focus all our efforts on our creator
platform and licensing business,” said Ben Kohn.
“In addition to selling Yandy a few weeks ago,
streamlining operations and reducing costs, we have signed a
binding term sheet to outsource our Playboy e-commerce business,
and we have also hired bankers to explore strategic alternatives
for both Lovers and Honey Birdette as we move to a fully capital
light model.”
First Quarter 2023 Financial
Highlights
- Revenue for the first quarter of
2023 (Q1’23) was $51.4 million and, on a constant currency
basis, would have been $52.0 million.
- Net loss was $37.7 million and adjusted EBITDA loss was
$10.8 million, which included $6.7 million of losses related
to Yandy, Playboy e-commerce, inventory write-downs and the
deferral of revenue related to cash collections from China given
contract renegotiations.
Debt RestructureThe Company
successfully restructured its outstanding senior debt and
eliminated its outstanding preferred stock at an aggregate discount
of $19 million and drew down approximately $12 million of new cash,
bringing its total outstanding debt to approximately $210 million
from approximately $216 million previously (inclusive of its
preferred stock). The Company’s amended and restated senior debt
facility pushes out leverage covenants until Q1 of 2025, modifies
its restricted payments covenant to provide increased flexibility,
reduces its total interest cost by over $3 million a year,
eliminates the majority of its fixed amortization and did not
require the payment of any fees or prepayment penalties.
Lovers and Honey BirdetteThe
Company’s Board of Directors (the “Board”) is exploring strategic
alternatives for Lovers and Honey Birdette. As part of this
process, the Board is considering a full range of strategic
alternatives. The Company has retained the Sage Group to assist
with the Lovers process and Moelis & Company to assist with the
Honey Birdette process. The Company has not set a timetable for
completion of this strategic review process, nor has it made any
decisions related to its strategic alternatives at this time and
does not intend to comment further on the status of this process.
There can be no assurance that this strategic review will result in
the Company pursuing a transaction or that any transaction, if
pursued, will be completed on attractive terms, or at all.
Webcast DetailsThe Company will
host a webcast at 5:00 p.m. Eastern Time today to discuss the first
quarter 2023 financial results. Participants may access the live
webcast on the events section of the PLBY Group, Inc. Investor
Relations website at
https://www.plbygroup.com/investors/events-and-presentations.
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,
driving billions of dollars in global consumer spending 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 almost seven decades 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 StatementsThis
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 impact of public health
crises and epidemics on the Company’s business and acquisitions;
(2) the inability to maintain the listing of the Company’s shares
of common stock on Nasdaq; (3) 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; (4) the ability to recognize the
anticipated benefits of corporate transactions, commercial
collaborations, commercialization of digital assets 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;
(5) costs related to being a public company, corporate
transactions, commercial collaborations and proposed transactions;
(6) changes in applicable laws or regulations; (7) 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; (8) risks relating to the uncertainty of the projected
financial information of the Company, including changes in our
estimates of the fair value of certain of the Company’s intangible
assets, including goodwill; (9) risks related to the organic and
inorganic growth of the Company’s businesses, and the timing of
expected business milestones; (10) changing demand or shopping
patterns for the Company's products and services; (11) failure of
licensees, suppliers or other third-parties to fulfill their
obligations to the Company; (12) the Company's ability to comply
with the terms of its indebtedness and other obligations; (13)
changes in financing markets or the inability of the Company to
obtain financing on attractive terms; and (14) 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.com Media:
press@plbygroup.com
PLBY Group, Inc. |
Condensed Consolidated Statements of
Operations |
(Unaudited) |
(in thousands, except share and per share
amounts) |
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
Net revenues |
$ |
51,441 |
|
|
$ |
69,378 |
|
Costs and expenses |
|
|
|
Cost of sales |
|
(30,146 |
) |
|
|
(28,900 |
) |
Selling and administrative expenses |
|
(50,927 |
) |
|
|
(50,528 |
) |
Contingent consideration fair value remeasurement gain |
|
192 |
|
|
|
19,298 |
|
Impairments |
|
— |
|
|
|
(2,359 |
) |
Total costs and expenses |
|
(80,881 |
) |
|
|
(62,489 |
) |
Operating (loss) income |
|
(29,440 |
) |
|
|
6,889 |
|
Nonoperating (expense)
income: |
|
|
|
Interest expense |
|
(5,209 |
) |
|
|
(4,050 |
) |
Loss on extinguishment of debt |
|
(1,848 |
) |
|
|
— |
|
Fair value remeasurement loss |
|
(3,018 |
) |
|
|
— |
|
Other income (expense), net |
|
116 |
|
|
|
(80 |
) |
Total nonoperating expense |
|
(9,959 |
) |
|
|
(4,130 |
) |
(Loss) income before income
taxes |
|
(39,399 |
) |
|
|
2,759 |
|
Benefit from income taxes |
|
1,719 |
|
|
|
2,784 |
|
Net (loss) income |
|
(37,680 |
) |
|
|
5,543 |
|
Net (loss) income attributable
to PLBY Group, Inc. |
$ |
(37,680 |
) |
|
$ |
5,543 |
|
Net (loss) income per share,
basic and diluted |
$ |
(0.58 |
) |
|
$ |
0.12 |
|
Weighted-average shares used
in computing net (loss) income per share, basic |
|
65,159,156 |
|
|
|
45,913,694 |
|
Weighted-average shares used
in computing net (loss) income per share, diluted |
|
65,159,156 |
|
|
|
47,585,644 |
|
EBITDA 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 management. Adjusted EBITDA is intended as a
supplemental measure of our performance that is neither required
by, nor presented in accordance with, GAAP. We believe 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 our 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, we may incur future expenses similar to
those excluded when calculating these measures. In addition, our
presentation of these measures should not be construed as an
inference that our future results will be unaffected by unusual or
nonrecurring items. Our computation of Adjusted EBITDA may not be
comparable to other similarly titled measures computed by other
companies, because all companies may not 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
impairment and inventory reserve charges, we typically adjust for
nonoperating expenses and income, such as non-recurring special
projects including the implementation of internal controls,
expenses associated with financing activities, reorganization and
severance resulting in 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. We compensate for these limitations by relying primarily on
our GAAP results and using EBITDA and Adjusted EBITDA on a
supplemental basis. Investors should review the reconciliation of
net (loss) income to EBITDA and Adjusted EBITDA below and not rely
on any single financial measure to evaluate our business.
The following table reconciles the Company’s net
(loss) income to EBITDA and Adjusted EBITDA (in thousands):
GAAP Net (Loss) Income to Adjusted EBITDA
Reconciliation |
(in thousands) |
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
Net (loss)
income |
$ |
(37,680 |
) |
|
$ |
5,543 |
|
Adjusted
for: |
|
|
|
Interest expense |
|
5,209 |
|
|
|
4,050 |
|
Loss on extinguishment of debt |
|
1,848 |
|
|
|
— |
|
Benefit from income taxes |
|
(1,719 |
) |
|
|
(2,784 |
) |
Depreciation and amortization |
|
1,936 |
|
|
|
3,505 |
|
EBITDA |
|
(30,406 |
) |
|
|
10,314 |
|
Adjusted
for: |
|
|
|
Stock-based compensation |
|
5,219 |
|
|
|
6,539 |
|
Inventory reserve charges |
|
3,290 |
|
|
|
— |
|
Write-down of capitalized software |
|
4,973 |
|
|
|
— |
|
Adjustments |
|
3,265 |
|
|
|
1,289 |
|
Contingent consideration fair value remeasurement |
|
(192 |
) |
|
|
(19,298 |
) |
Digital assets impairment |
|
— |
|
|
|
2,359 |
|
Mandatorily redeemable preferred stock fair value
remeasurement |
|
3,018 |
|
|
|
— |
|
Adjusted
EBITDA |
$ |
(10,833 |
) |
|
$ |
1,203 |
|
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