Business
PLBY Group Reports First Quarter 2023 Financial Results
Creator Platform Gross Receipts (GMV) Grows 2.4x vs Q4 Company Reduces Total Debt Outstanding Company Signs Deal to Outsource Playboy e-Commerce Exploring
About this update from Playboy, Inc.
[{"type":"text","content":"Creator Platform Gross Receipts (GMV) Grows 2.4x vs Q4 Company Reduces Total Debt Outstanding Company Signs Deal to Outsource Playboy e-Commerce Exploring Strategic Alternatives for Lovers and Honey Birdette LOS ANGELES, May 10, 2023 (GLOBE NEWSWIRE) -- 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 ...