Q2 2024 PLBY Group Inc Earnings Call
Good afternoon, everybody and welcome to P. L. B Y groups second quarter 'twenty 'twenty four earnings conference call hosting todays call are Ben Cohen, Chief Executive Officer, and Maher Craftsman, Chief Financial Officer, and Chief Operating Officer, The company will be hosting a question and answer.
Speaker Change: Session today to join the queue. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question kill you May Press Star two if he would like to remove your question from the queue.
For participants using speaker equipment may be necessary to pick up your handset before pressing the star he's well wait for the queue to fill it with like the whole hand, the call over to Matt Chesler from the Investor Relations team. Please go ahead.
Unknown Executive: Thank you, operator, and good afternoon. I'd like to remind everyone that the information discussed today is qualified in its entirety by the form AK filed today by CLBWI Group, which may be accessed on the SEC's website and CLBWI Group's website. Today's call is also being webcast, and the replay will be posted to the company's Investor Relations website. Please note that statements that may be part of its call, including financial projections or other statements that are not historical in nature, may constitute forward-looking statements.
Matt Chesler: Thank you operator, and good afternoon, I'd like to remind everyone that the information discussed today is qualified.
Speaker Change: The form 8-K filed today.
While group, which maybe access.
He's website and B why group's website.
Call is also being webcast and a replay will be posted to the company's investor Relations website.
Speaker Change: Please note that statements made during this call, including financial projections or other statements that are not historical in nature. They constitute forward looking statements.
Unknown Executive: Such statements are made on the basis of PLBwide Group's views and assumptions regarding future events in business performance at the time they are made, and we do not undertake any obligation to update these cases. Forward-looking statements are subject to risks, which could cause the company's actual results to be different materially from historical results in the work-out. Including those risks that are forth in the company's following with the SEC, and you should refer to and care folks consider those for more information.
Speaker Change: Our statements are made on the basis of P. L. B Y groups views and assumptions regarding future events and business performance at the time. They are made and we do not undertake any obligation to update these statements.
Speaker Change: Forward looking statements are subject to risks, which could cause the company's actual results to differ materially from historical results and forecasts.
Those risks set forth in the company's filings with the SEC.
You should refer to and carefully consider those for more information.
Unknown Executive: This cautioner statement applies to all four overlooking statements; may join this call. He doesn't play, so he can't do reliance on any forward-looking things. During this call, the company may refer to non-GAAP financial measures, such as on-gap measures, which are not prepared in accordance with generally accepted accounting principles. Reconciliation of non-GAAP financial measures to the most directly comparable gap measures is available in the earnings route, filed credit 28K today, and with that, I'd like to hand the call back over to the operators to begin the Q&A session, operator.
Speaker Change: This cautionary statement applies to all forward looking statements made during this call do not place undue reliance on any forward looking statements.
Matt Chesler: During this call the company may refer to non-GAAP financial measures such as non-GAAP measures.
Matt Chesler: We are not prepared in accordance with generally accepted accounting principles, a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is available in the earnings release.
Speaker Change: <unk> with its form 8-K today and.
Speaker Change: And with that I'd like to hand, the call back over to the operator to begin the Q&A session operator.
Operator: Thank you. As a reminder, it is star 1 on your telephone keypad. Our first question is from Jason Tilchen with Canaccord Genuity. Please proceed.
Speaker Change: Thank you.
Speaker Change: Reminder, to star one on your telephone keypad. Our first question is from Jason touching with Canaccord Genuity. Please proceed.
Jason Touching: Great. Good afternoon, thanks for taking the questions.
Speaker Change: First one for me is one of the Internet of things that stood out in the comments in the press release was regarding the pipeline of sponsorship deals that you're seeing I'm wondering if you could share a little bit more about how that's sort of what we can expect in terms of a timeline for when that could be a potential revenue contributor to the overall business. Thanks.
Unknown Executive: Sure, Jason, good afternoon. Thanks for the question. You know, as we talked about on the last call and also announced today, we have brought in a new digital team that we are continuing to build out. And as we've evolved our creator model with the creators really at the center of it, we think there are a lot of other opportunities around membership and around lifestyle events, et cetera. And part of that is driving what I would say is advertising or sponsorship sales as we activate that community that Playboy has.
Jason Touching: Sure Jason Good afternoon. Thanks for the question I think as we talked about on the last call and also announced today. We have brought in a new digital team that we are continuing to build out.
Jason Touching: As we've evolved our creator model with the creators really at the center of it. We think there is a lot of other opportunities around membership.
Jason Touching: It's around lifestyle events et cetera.
Jason Touching: And part of that is driving what I would say its advertising or sponsorship sales as we activate that community that Playboy has.
Unknown Executive: And so, I would say, about our robust pipeline. We're very excited. We've already closed some deals, and we'll be announcing those as we move through the fall. We'll be in New York in September at an investor conference as well as out there talking to investors, really unveiling our media strategy moving forward and what that means. So, okay, you know, there's a robust pipeline from big names, advertisers, and sponsorships. That is very interesting in what we can deliver, and we'll be sharing more of that in September, really the evolution of our membership and creator strategy.
Jason Touching: And so I would say, it's a robust pipeline.
Jason Touching: Excited we've already closed some deals that we'll be announcing those.
Jason Touching: As we move through the fall.
Jason Touching: Participating in New York.
Jason Touching: In September at our Investor Conference as well as out there talking to investors really on building our media strategy moving forward and what that means so I would say, yes. There is a robust pipeline from from big name advertisers and sponsorships.
Jason Touching: They are very interested in what we can what we can deliver and we'll be sharing more of that in September really the evolution of our membership and creator strategy you can see that starting to come to life with a new website that we launched two days ago Youll.
Unknown Executive: You can see that, you know, starting to come to life with the new website that we launched two days ago. You'll see that it is a state for websites, featuring content, some of it, you know, with a week in the past, you know, 20 questions, et cetera, but also featuring the creators that we work with on our platform, and all that is a way to promote those creators to get them integrated and working with brands, something that differentiates us from other platforms out there.
Jason Touching: You'll see that that website is a safer work website featuring.
Jason Touching: Content some of it with a weakened a nod to the past.
Jason Touching: Any questions et cetera, but also featuring the creators that we work with on our platform and all of that is a way to promote those creators to get them integrated and working with brands something that.
Jason Touching: Jakes us from other platforms out there.
Speaker Change: Great very very helpful.
Speaker Change: The other thing that sort of stood out from the press release, obviously the return of the magazine I'm, just wondering sort of small questions. After this one.
Speaker Change: A little bit if you could share a little bit more about the strategy behind bringing bringing the actual physical magazine back and then sort of what level of investment is needed and is this could it be more of a nickel.
Speaker Change: The goal for more of a financial contribution or is it more as a marketing tool to drive sort of more awareness around some of the other initiatives that youre doing on the digital side. Thanks.
Unknown Executive: Sure, yeah, we're very excited. I think we talked about this in the past, but really returning the company to its roots. You know, and especially with the greater platform, as we look at that, and we say, how do we feature creators, how do we offer something that other people don't have? You know, the magazine is the ultimate tool, right? It's something that people ask us for all the time, both from a user perspective and from a wider perspective.
Speaker Change: Sure Yeah, we're very excited as I think we've talked about this in the past, but really returning the company to its roots.
Speaker Change: And especially with the greater platform as we look at it.
Unknown Executive: Look at that and we say how do we feature creators how do we offer something that other people don't have.
Unknown Executive: The magazine is the ultimate tool right its something that people asked us for all the time, both from a user perspective and from a greater perspective.
Unknown Executive: So we're happy to bring that back in the beginning of 'twenty five we'll be kicking that off next month.
Speaker Change: Within each city play make casting call very excited for that for the marketing.
Unknown Executive: But the magazine is mostly for promotional purposes.
Unknown Executive: And we'll see how that evolves, but you should expect.
Unknown Executive: Just like the historical magazine plainly tenant and you should expect a great content and as well 20 questions. The Playboy advisor and other franchises as well as potentially a celebrity cover and so we're excited to bring that back it's been a long time coming.
Unknown Executive: And we think it's a great promotional tool for everything else, we're doing on the digital and something that we look to present to investors as we move into the fall what the comprehensive and cohesive digital strategy looks like.
Speaker Change: Awesome very helpful. And then one last one from me yesterday, you made an announcement regarding a new licensing agreement.
Speaker Change: The e-commerce side, it seems more like a domestic deal I'm just curious if you could share a little bit more about what was exciting about that partnership and then also maybe if there's an update on sort of how we can expect the trajectory of the recovery from the China licensing business to evolve. Thanks.
Unknown Executive: Sure, yeah, so I think we've been really focused on building back our licensing business. We have a robust pipeline of deals. You know, the e-commerce partner that we announced yesterday not only provides, you know, seven and a half million dollars of guarantees over the life of the deal, plus a percentage of the revenue above that, but it is also structured in a way to work with the creators on our platform. Really, when you sort of look at the growth of what I would say is online shopping, TikTok, etc.
Unknown Executive: Sure, Yes, so I think we've been really focused on building back our licensing business, we have a robust pipeline of deals.
Speaker Change: The e-commerce partner that we announced yesterday not only provide you know $75 million of guarantees over the life of the deal plus a percentage of the revenue above that.
Speaker Change: But it also is structured in a way to work with the creators on our platform really when you sort of look at the growth of what I would say as online shopping tick tock et cetera, we obviously, we've seen that in China with <unk>.
Speaker Change: And what's happening there.
Speaker Change: The greatest strategy working with great designers of apparel and integrating that with your creditors again looking at ways to different treat ourselves from other platforms that are out there, but stay true to who the brand is.
Unknown Executive: You know, as far as China is concerned, our partner is making great progress in their product line and developing that, which will be launched here in about a month. And we are seeing other opportunities, both in Asia and the rest of the world from a licensing perspective. And, you know, hope that as much as we wanted to get some of these deals done in the second quarter, some of them have slipped to the third quarter. But I hope to be making further announcements on new licensing opportunities.
Unknown Executive: As far as China, our partner is making great progress.
Unknown Executive: And they're in their product line and developing that which is launching.
Unknown Executive: Coming up here in about a month.
Unknown Executive: And we are seeing other opportunities both in Asia, and the rest of the world from a licensing perspective and hope as much as we wanted to get some of these deals done in the second quarter. Some of them have slipped to the third quarter, but hope to be making further announcements on new licensing opportunities and especially when you sort of think about.
Unknown Executive: And especially when you sort of think about this is a brand that has never gone out and spent money in the traditional marketing way. It's always done it through content, and so part of the content strategy and the team that we brought in will also lead to more licensing opportunities moving forward as the brand continues to re-establish its voice.
Speaker Change: This is a brand. This is a brand that has never gone out and spent money in the traditional marketing way that brand spend it's always done it through content and so part of the content strategy and the team that we brought in.
Unknown Executive: We also believe will lead to more licensing opportunities moving forward as the brand continues to reestablish its voice.
Speaker Change: Very helpful. Thanks, a lot.
Operator: Our next question is from Soleo Sanjeev with Jeffreez. Please proceed.
Speaker Change: Our next question is from <unk> <unk> with Jefferies. Please proceed.
Tolu: Hi, this is Tolu with Jeffries on for James Heaney. Thanks for taking the question. My first question is a bit of a follow-up on the China business. Could you go over just overall the contract structures with the new partners versus previous partners, any color on how you are picking those partners, and basically getting the confidence that these deals will come through? Thanks.
Soleo Sanjeev: Hi. This is me the Jefferies on for <unk>. Thanks for taking the question. My first is bit of a follow up on the China business could you go over just.
Tolu: Overall, the contract structures with the new partners versus previous partners any color on how you are picking those partners.
Tolu: And basically getting the confidence that these deals will come through thanks.
Unknown Executive: So, the first thing I think is just, you know, refreshing what we had to do because of changes in the market in China post-COVID or since COVID. It was partially driven by the platforms, which were We had a legacy licensing model over there, where we were licensing in our partners, violating our contracts, starting to get sublicensing or sublicensing, or they were basically, what we found out through our audits, we're selling what we call "bags of cash."
Speaker Change: Sure. So the first thing I think is just.
Unknown Executive: Refreshing, what we had to do because of changes in the market in China post COVID-19 or since Covid.
Unknown Executive: It was partially driven by the platforms, which was we had a legacy licensing model over there.
Unknown Executive: We were licensing and then our partners violating our contracts.
Unknown Executive: Starting with FID sublicense sub licensing or they were basically what we found out through our audits, we're selling what we call bags attacks.
Unknown Executive: And that did not work with Douyin, who are driving a big percentage of e-commerce in China, and so we ended up because of contract violations and non-payment terminating or opening. And what we went out to find were really what I would say are operators or operators or managers versus a middle man who was selling bags. The partner, the main partner we've picked is an operator; they not only do design, but they have their own physical studios, where they're bringing in influencers to sell products on DOE. Except The deals that we've done are shorter-term in nature than what our historical deals were. So these are five-year deals. They have lower NGs, largely in the beginning because there had to be some market clean-up that was done as we moved away from our old partners.
Unknown Executive: And that did not work with the <unk>, we're driving a big percentage of the e-commerce over in China today, and so we ended up because of contract violations and nonpayment terminating our old partners and what we went out to find was really what I would say is operated or owners or operator managers versus a middleman.
Speaker Change: He was selling bags attacks.
Unknown Executive: The partner the main partner, we've picked as an operator, they not only do design, but they have their own physical studios.
Unknown Executive: Where were they are they are bringing in and influencers to sell products <unk> et cetera.
Unknown Executive: Deals that we've done are shorter term in nature than what historical deals were so these are five year deals they have lower <unk> largely in the beginning because there has to be some market clean up that was done.
Unknown Executive: As we moved away from our old partners and so we worked with our new partner, but we have a higher percentage of the revenue in those deals and the way I would think about it is it's a starting point right now for us to rebuild the business the right way.
Unknown Executive: And the goal would be that if the partners are successful, which we think they will.
Unknown Executive: That there'll be an opportunity to revisit those mgs as sales continue to build the other thing that we've done within those contractors, we put much greater controls and those contracts than we had in our previous contracts and.
Tolu: The other thing that we've done within those contracts is we've put much greater controls in those contracts than we had in our previous contracts. And, you know, I would say the best way to know how they perform is the partners that pay us today. And so that in any contract is always the best way to know how they're performing. But I think, you know, through our joint venture with a subsidiary of Liam Baum, we have the right people on the ground, the right controls in the contracts to make sure that we are enforcing our contracts moving forward, something that we did not have previously.
Tolu: The best way to know they perform as the partners have paid us today and so that's that and then the contract is always the best way to know Theyre, performing but I think through our joint venture with a subsidiary of the bottom we have the right people on the ground the right controls in the contract.
Tolu: To make sure that we are enforcing our contracts moving forward something that we did not have previously.
Unknown Executive: Appreciate the color there. A follow-up, or I guess a new question on Honey Brigette. It seems like last quarter there was a bit of momentum that was being built up, but it seems that this quarter is a bit weaker. Can you talk about some of the dynamics you're seeing in that business?
Speaker Change: I appreciate the color there.
Unknown Executive: Or I guess, the new question on Honey bring that it seems like last quarter, there was a bit of momentum that's being built up there.
Speaker Change: It seems that this quarter is a bit weaker can you just talk about some of the dynamics youre seeing in that business.
Unknown Executive: Yeah, I'll take it on the high level, and then I'll turn it over to Marc because I don't think the numbers tell the full story. I think the first thing is that we were down, if you look at quarter over quarter. So if you go back to 23, Marc joined us in April, give or take, of 23. The second quarter of 23 was the last, like what I would say is the previous heavily discounted quarter. And so we're now past that.
Speaker Change: Yeah, I'll take the high level now I will turn it over to Mark because I don't think the numbers tell the full story.
Marc: The first thing is we were down if you look at quarter over quarter. So if you go back to 'twenty three.
Unknown Executive: Mark joined Us in April give or take of 23.
Unknown Executive: Second quarter, and 23 was the last like what I would say its previous heavily discounted quarter and so we're now past that but if you look at Q2 24.
Unknown Executive: But if you look at, you know, Q2, 24, we would be down 50% in the number of days that we were on sale versus Q423. The good news is we saw close March and expansion during that period. I'll let Marc sort of comment on some of the new hires we've made in the same US retail and you know what we're seeing. I would say that, you know, so far in Q3, we're up double digits over last year and we're seeing that not only from a store perspective but some of the store perspective too, Marc.
Marc: We were down 50% and the number of days that we were on sale versus Q4 'twenty three the good news is we saw gross margin expansion during that period of time I'll, let mark sort of comment on some of the new hires we've made on same.
Marc: U S retail and what we're seeing I would say that so far in Q3 were up double digits over last year, and we're seeing that not only from an ecommerce perspective, but from a store perspective too mark.
Marc: Yeah, and in terms of what we're saying in the U.S., we just hired a head of stores in the U.S., and typically, our stores have been pumping down for a while, and we're actually seeing stores in the U.S. Comp up.
Marc: Excuse me and in terms of what we're seeing in the U S. We just hired a head of stores in the U S and typically our stores have been comping down for a while and we're actually seeing stores in the U S comp up so a lot of things. We're doing there are creating the momentum that we need to step tailing off of what's going on.
Marc: With our online business. So we brought that in and we're also expanding our online business.
Marc: That's one area, where we think we need to do it.
Speaker Change: Participate in social channels, there are a lot of stuff that the learnings, we're seeing from centerfold and bring that into one and 100 per day.
Marc: We're beefing up that that team.
Unknown Executive: Yeah, and I think we feel good with where we are with Honeybird Ad, and I think, you know, Honeybird Ad gives us another lever. Also, you know, we announced today that we have reached an exclusivity period with our lenders to repurchase our debt at a significant discount. And I think, you know, for us from a balance sheet and a leverage perspective, if we are successful in executing and paying off our lender's significant discount, it significantly reduces the leverage outstanding on the company, which gives us, again, more operational flexibility in running the company.
Marc: And I think.
Unknown Executive: I think we feel good with where we are with honey burnout and I think that gives us another lever also we announced today.
Unknown Executive: Today that we've reached the exclusivity period with their lenders to repurchase our debt at a significant discount and I think for.
Unknown Executive: For us from a balance sheet and a leverage perspective should we be successful.
Unknown Executive: <unk> is executing.
Unknown Executive: And paying off our lenders at a significant discount.
Unknown Executive: It significantly reduces the leverage outstanding on the company, which gives us again more operational flexibility in running the company.
Tolu: And just my final question is a bit of a follow-up on the capital allocation strategy. Can you talk about, I guess, how much the strategy going forward, given the ability to now pay down the debt at a discount, is it likely, you know, coming from further asset sales? Or how are you thinking about, you know, going towards paying down that debt? Thank you.
Speaker Change: Great. Thank you.
Speaker Change: Just my final is bit of a follow up on the capital allocation strategy can you talk about.
Tolu: I guess how much.
Tolu: The strategy going forward given the given the ability to pay down the debt at a discount is it likely.
Tolu: Coming from further asset sales or how are you thinking about going towards.
Tolu: Paying down that debt. Thank you.
Unknown Executive: Sure. So right now, there's, you know, call it $215 million of gross debt outstanding. We've reached an exclusivity agreement with the lenders where we can pay that off at a substantial discount. And then to raise the money to pay that off, you know, we have a lot of arrows in our quiver. So, you know, we've talked historically about our interest in Honeybird debt. We've also engaged a leading investment bank to pursue a new debt facility, albeit at a much smaller amount than the existing debt, but that would satisfy our existing lenders.
Speaker Change: Sure so.
Unknown Executive: Right now there is you know call it $215 million of gross debt outstanding.
Unknown Executive: We've reached the exclusivity with the lenders, where we can pay that off at a substantial discount and then to raise the money to pay that off.
Unknown Executive: We have a lot of arrows in our quiver so.
Unknown Executive: We've talked historically that we've had interest in hunting for that we've also engaged a leading investment bank to pursue a new debt facility.
Unknown Executive: Albeit at a much smaller amount than the existing debt, but that would satisfy our existing lenders.
Unknown Executive: And we've actually even had interest since the rebuilding of our China business and our Asia business. And so, you know, we're pursuing all options. I think that we can get it done in the senior market. And if we're successful in doing that here, you know, the gross debt outstanding on the company will be significantly reduced from where it is. But we have a lot of different options, and we'll see which one gets done first.
Unknown Executive: And we've actually even had interests since the rebuild of our China business in our Asia business and so.
Unknown Executive: We're pursuing pursuing all options I think that we can get it done in the senior market and if we're successful in doing that here.
Unknown Executive: The gross debt outstanding on the company will be significantly reduced from where it is but we have a lot of different options.
Unknown Executive: And we'll see which one gets done first.
Tolu: Great, thank you. I'll get back in the queue.
Speaker Change: Great. Thank you I'll get back into queue.
Unknown Executive: With no further questions at this time, I would like to turn the conference back over to management for closing remarks.
Speaker Change: With no further questions at this time I would like to turn the conference back over to management for closing remarks.
Jason Tilchen: Great, very, very helpful. Another thing that sort of stood out from the press release was obviously the return of the magazine. I'm just wondering, a few sort of small questions on this one. A little bit more about the strategy behind bringing the actual physical magazine back, and then sort of what level of investment is needed, and is this going to be more of a, you know, the goal for more of a financial contribution or more of a marketing tool to drive sort of more awareness around the other initiatives that you're doing on the digital side.
Speaker Change: I appreciate everyone dialing in today, we look forward to sharing more about our digital strategy as we move into the fall and then talking to you guys. After our Q3. So thank you very much for dialing in today.
Operator: Thank you. This will conclude today's conference. You may disconnect your lines at this time. Thanks for watching, and don't forget to like, share, and subscribe to our channel.
Speaker Change: Thank you. This will conclude today's conference you may disconnect your lines at this time.
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Jason Tilchen: Awesome, very, very helpful. And then last time yesterday, you made an announcement regarding a new licensing agreement on the e-commerce side. It seems more of a domestic deal. In this curious age, you could share a little bit more about what we're excited about that partnership and then also maybe if there's an update on sort of how we can expect the trajectory of the recovery from the Chinese licensing business to evolve. Sure, yeah, so I think we've got...
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Jason Tilchen: Great afternoon. Thanks for taking the questions. The first one for me is one of the interesting things that stood out in the comments in the press release, because regarding the pipeline of sponsorship deals that you're seeing, I'm wondering if you could share a little bit more about how that's coming, but sort of what we can expect in terms of a timeline for when that could be a potential revenue contributor to the overall business.
Unknown Executive: I appreciate everyone dialing in today. We look forward to sharing more about our digital strategy as we move into the fall and then talking to you guys after our Q3.
Unknown Executive: We obviously see that in China with Doyeen and what's happening there, you know, it's an integrated strategy working with great designers of the peril and integrating Matt with the creators. Again, looking at ways to differentiate cells from other platforms that are out there but stay true to the brain.
Operator: So thank you very much for dialing in. Thank you. This will conclude today's conference. You may disconnect your lines at this time. Thanks for watching. Please subscribe, like, comment, and share this video with your friends.
Marc: So a lot of the things we're doing there are creating the momentum that we need to stop the tailing off of what's going on with our online business. So we brought that in. We're also expanding our online business because that's one area where we think we need to participate in, and social channels do a lot of stuff that the learnings we're seeing from centerfold and bring that into why in the hundred-per-death. So we're beating up that. Yeah, And I...
Tolu: And so we worked with our new partner, but we had a higher percentage of the revenue in those deals. And the way I would think about it is that it's a starting point right now for us to rebuild the business the right way. And the goal would be that, you know, if the partners are successful, which we think they will, that, you know, there'll be an opportunity to revisit those MGs as sales continue to build.
Unknown Executive: And so we're excited to bring that back. It's been a long time coming, and we think it's a great promotional tool for everything else we're doing in digital. And something that we look to present to investors, as we move into the fall, as a comprehensive and cohesive digital strategy.
Unknown Executive: And so we're happening to bringing that back at the beginning of 25, we're going to be kicking that off next month with an eight city playmate casting call. Very excited about that for the marketing. But the magazine is mostly for promotional purposes, and we'll see how that evolves, but you should expect, you know, just like the historical magazine, play me to it, and you should expect great content as well. You know, 20 questions, the Playboy Advisor, and other franchises, as well as, you know, potentially a celebrity cover.