Business
PLBY Group Reports Fourth Quarter & Full Year 2022 Financial Results
Announces Strategic Restructuring and Elimination of $15 Million of Costs; Simplifying Core Business Around Playboy and Honey Birdette LOS ANGELES, March 16,
About this update from Playboy, Inc.
[{"type":"text","content":"Announces Strategic Restructuring and Elimination of $15 Million of Costs; Simplifying Core Business Around Playboy and Honey Birdette\nLOS ANGELES, March 16, 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 fourth quarter and full year ended December 31, 2022. Comments from Ben Kohn, Chief Executive Officer of PLBY Group “Last year was challenging on a number of fronts. We embarked on a strategic review to restructure and simplify our business. We have reduced leverage and are evolving our strategy to move to a capital light model entirely focused on our most valuable brands, Playboy and Honey Birdette. This restructuring will eliminate a minimum of $15 million of costs on an annualized basis. Our new strategy will provide us with a mix of robust cash flow through our licensing segment, significant growth potential through our creator platform, which is growing at 9% week-over-week, and Honey Birdette. Further, it reduces operational complexity by eliminating unprofitable business units and non-core assets.” “We believe the capital markets prioritize simpler, more profitable business models compared to when we debuted on NASDAQ in 2021. The economic landscape has evolved, and so must we. Our new plan better aligns our achievable goals with our current investor base, who value the efficient use of capital, higher margins, and ample runway to execute our business priorities using less financial leverage.” Financial Highlights Fiscal year 2022 (“FY22”) revenue grew 8% year-over-year, to $266.9 million. On a constant currency basis, revenue would have been $269.1 million, with year-over-year growth of 9%. Fourth quarter of 2022 (“Q4’22”) revenue was $68.5 million and, on a constant currency basis, would have been $70.4 million.Direct-to-consumer segment revenue was $186.6 million for FY22 and $48.3 million for Q4’22. Licensing segment revenue was $60.9 million for FY22 and $15.5 million for Q4’22. Digital segment revenue was $18.7 million for FY22 and $4.6 million for Q4’22.FY22 net loss was $277.7 million and adjusted EBITDA loss was $6.6 million, largely driven by non-cash asset impairment charges related to the write-d...