PLBY Group Inc Reports Fiscal Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
PLBY Group, Inc. Reports Fiscal Q2 2024 Financial Results
PLBY Group, Inc. (NASDAQ: PLBY) released its financial results for the quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates | Comparison to Consensus |
|---|---|---|---|---|---|
| Total Revenue | $24.9M | $35.1M | -29% | $32.94M | -24.4% |
| Earnings Per Share (EPS) | $-0.13 | N/A | N/A | $-0.13 | In Line |
| Net Loss | $16.7M | $131.8M | -87.3% | N/A | N/A |
| Adjusted EBITDA | $-2.9M | $-0.1M | N/A | N/A | N/A |
Interpretation of Financial Performance: PLBY Group reported a total revenue of $24.9 million for Q2 2024, which represents a 29% year-over-year decline. This was notably below the consensus estimate of $32.94 million by approximately 24.4%. EPS matched the consensus estimate at $-0.13. There was a significant improvement in net loss, which decreased by 87.3% year-over-year, largely due to cost cuts and the absence of a major impairment charge that impacted the previous year's results.
Revenue by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Direct-to-Consumer | $14.5M | $19.7M | -26% |
| Playboy.com E-commerce | $1.4M | N/A | N/A |
| Licensing | $5.3M | $10.3M | -49% |
| Digital Subscriptions/Content | $5.1M | $5.1M | 0% |
Interpretation of Segment Performance: The Direct-to-Consumer segment saw a 26% decrease to $14.5 million, hurt by the transition of Playboy.com's e-commerce operations to a licensing model and a reduction in Honey Birdette's sales days. Licensing revenues declined sharply by 49% due to the termination of two major licensing agreements in China. Digital subscriptions and content revenue remained stable at $5.1 million year-over-year.
Operational Highlights
| Operational Data | Metric Detail |
|---|---|
| Instagram Engagement | Nearly 30 million video views (3 months) |
| Licensing Agreements | Over $45 million in minimum guarantees from new deals |
Comments from Company Officers
CEO Ben Kohn emphasized that significant steps have been taken to position Playboy for future success, including securing an exclusive period to repay senior debt at a significant discount and launching a new digital strategy. Additionally, exciting new content and partnerships aim to re-establish Playboy as a premier lifestyle brand. Kohn also highlighted progress in the licensing business with multiple new deals amounting to over $45 million in future revenues.
Dividends and Share Repurchase Programs
There was no mention of any dividends or share repurchase programs in the report.
Forward Guidance
The company did not provide specific forward guidance in this earnings release.
Stock Price Movement
Following the earnings release, PLBY Group's stock price saw a positive change of 2.10%.
Conclusion
PLBY Group's Q2 2024 results reveal challenges in revenue generation, particularly in licensing and direct-to-consumer segments, but show improvement in net loss, aided by significant cost reductions. With strategic initiatives and new partnerships in place, the company aims for long-term growth and digital expansion.
