PLBY Group reports first quarter
LOS ANGELES, May 10, 2022 (GLOBE NEWSWIRE) — PLBY Group, Inc. (PLBY) (“PLBY Group” or the “Company”), a leading entertainment and entertainment company and owner of Playboy, the one of the most recognizable and iconic brands in the world, today released financial results for the first quarter ended March 31, 2022.
“Our strong first quarter with 63% year-over-year growth, robust demand for our iconic brand and consumer products, and continued progress on our digital roadmap for Centerfold come together in a cohesive Playboy ecosystem creating a flywheel for long-term growth,” said Ben Kohn, President and CEO of PLBY Group. “With the massive global reach of Playboy and Centerfold as a valuable driver for organic customer acquisition, we believe we can drive significant growth in PLBY Group’s product offerings.”
First Quarter 2022 Financial Highlights
- Revenue increased 63% year over year to $69.4 million.
- Direct-to-consumer revenue increased 125% year over year to $49.6 million.
- Net income was $5.5 million and adjusted EBITDA was $1.2 million.
The Company will host a webcast at 5:00 p.m. Eastern Time on May 10, 2022 to discuss the first quarter 2022 results. Attendees can access the live webcast on PLBY Group’s Investor Relations website, Inc. at https://www.plbygroup.com/investors.
Annual meeting details
The Company will hold its 2022 Annual Meeting of Shareholders (the “Annual Meeting”) virtually on June 8, 2022 at 1:00 p.m. Eastern Time. Only shareholders of record at the close of business on the record date, May 5, 2022, are entitled to receive notice of and vote at or before the annual meeting or any adjournment or postponement of the meeting. Such shareholders will be able to attend the virtual meeting and submit questions at the meeting via a live audio webcast by visiting https://www.cstproxy.com/plbygroup/2022.
About PLBY Group, Inc.
PLBY Group, Inc. (“PLBY Group” or the “Company”) is a global pleasure and entertainment company that connects consumers with products, content and experiences that help them lead more fulfilling lives. Our flagship consumer brand, Playboy, is one of the most recognizable brands in the world, generating billions of dollars annually in global consumer spending with products and content available in approximately 180 countries. Our mission – to create a culture where everyone can seek pleasure – builds on nearly seven decades of creating groundbreaking media and hotel experiences and fighting for cultural progress rooted in the core values of equality, freedom of expression and the idea that pleasure is a fundamental element. human right. Learn more at http://www.plbygroup.com.
This press release contains “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 its expectations, estimates and projections and, therefore, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “expect”, “anticipate”, “intend”, “plan”, “may”, “will” , “could”, “should”, “believes”, “predicts”, “potential”, “continues” and similar expressions (or negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, the Company’s expectations regarding future performance, growth plans and the anticipated financial impacts of its corporate acquisitions and transactions.
These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. Factors that could cause such differences include, but are not limited to: (1) the impact of the COVID-19 pandemic on the Company’s business and acquisitions; (2) the inability to maintain the listing of the Company’s common stock on the Nasdaq; (3) the risk that the business combination, acquisitions or any transaction proposed by the Company will disrupt the current plans and/or operations of the Company, including the risk that the Company will not complete such proposed transactions or does not derive the expected benefits; (4) the ability to recognize the anticipated benefits of business combinations, acquisitions, business 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 retain its key employees; (5) costs related to being a public company, acquisitions, business collaborations and proposed transactions; (6) changes in applicable laws or regulations; (7) the possibility that the Company may be affected by global hostilities, supply chain disruptions, inflation, currency exchange rates or other economic, business and/or competitive factors; (8) risks related to the uncertainty of the Company’s projected financial information; (9) risks relating to the organic and inorganic growth of the Company’s business and the timing of expected business milestones; and (10) other risks and uncertainties disclosed from time to time in the Company’s Annual Report on Form 10-K, including those under “Risk Factors” and in the Company’s other filings with the Securities and Exchange Commission. The Company cautions that the above list of factors is not exclusive and that readers should not place undue reliance on forward-looking statements, which speak only as of the date on which they were made. The Company undertakes no 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 such statement is based.
Investors: [email protected]
Media: [email protected]
PLBY Group, Inc.
Condensed Consolidated Statements of Earnings
|Three months completed
|Costs and expenses|
|Cost of sales||(28,900||)||(19,032||)|
|Selling and administrative expenses||(31,230||)||(27,937||)|
|Related party fees||—||(250||)|
|Other operating expenses||(2,359||)||—|
|Total costs and expenses||(62,489||)||(47,219||)|
|Operating profit (loss)||6,889||(4,539||)|
|Other (expenses) income, net||(80||)||745|
|Total non-operating expenses||(4,130||)||(2,552||)|
|Profit (loss) before income taxes||2,759||(7,091||)|
|Benefit from income tax||2,784||2,094|
|Net profit (loss)||5,543||(4,997||)|
|Net income (loss) attributable to PLBY Group, Inc.||$||5,543||$||(4,997||)|
|Net earnings (loss) per share, basic and diluted||$||0.12||$||(0.17||)|
|Weighted average shares used in the calculation of net earnings (loss) per share, basic||45,913,694||29,823,273|
|Weighted average shares used in the calculation of net earnings per share, diluted||47,585,644||29,823,273|
This release presents the financial measure of earnings before interest, taxes, depreciation and amortization, or “EBITDA”, and Adjusted EBITDA, which are not financial measures under generally accepted accounting principles in the United States of America (” GAAP”). “EBITDA” is defined as net profit or loss before interest, income tax expense or benefit and amortization. “Adjusted EBITDA” is defined as EBITDA adjusted for stock-based compensation and other special items determined by management, as described below. Adjusted EBITDA is intended as an additional measure of our performance that is neither required nor presented in accordance with GAAP. We believe that the use of EBITDA and Adjusted EBITDA provides an additional tool for investors to assess ongoing operating results and trends and to compare our financial measures with those of comparable companies, which may exhibit non-GAAP financial measures similar to investors. However, investors should be aware that when measuring 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 not be affected by unusual or non-recurring items. Our calculation of Adjusted EBITDA may not be comparable to other similarly named measures calculated by other companies, as not all companies may calculate Adjusted EBITDA in the same way.
In addition to adjusting non-cash stock-based compensation, we generally adjust non-operating expenses and income, such as management fees paid to our largest shareholder, merger-related bonus payments, projects non-recurring special items, including the implementation of internal controls, non-cash charges for the remeasurement of the fair value of contingent consideration resulting from our acquisitions, expenses associated with financing activities, costs related to acquisition, expenses associated with the depreciation of digital assets, reorganization and separation resulting in the elimination or downsizing of specific business activities or operations as we transition from a print and digital media company to a business focused on the trade.
Due to 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 in a complementary fashion. Investors should review the reconciliation of net loss to EBITDA and Adjusted EBITDA below and not rely on any single financial measure to assess our business.
The following table reconciles the Company’s net profit (loss) with EBITDA and Adjusted EBITDA:
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
|Quarter ended March 31|
|Net profit (loss)||$||5,543||$||(4,997||)|
|Benefit from income tax||(2,784||)||(2,094||)|
|Depreciation and amortization||3,505||728|
|Remeasurement of fair value of contingent consideration||(19,298||)||—|
|Depreciation of digital assets||2,359||—|
|Management fees and charges||—||250|