Playboy Inc (PLBY) 2024 Q3 法說會逐字稿

Greetings, and welcome to the PLBY Group's third quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Matt Chesler, Investor Relations. Matt, you may go ahead.

您好，歡迎參加 PLBY 集團 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹投資者關係部的 Matt Chesler。馬特，你可以繼續了。

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 8-K filed today by PLBY Group, which may be accessed on the SEC's website and PLBY Group's website. Today's call is also being webcast, and a replay will be posted to the company's Investor Relations website.

謝謝您，接線員，下午好。我想提醒大家，今天討論的資訊完全符合 PLBY Group 今天提交的 8-K 表格的要求，該表格可以在 SEC 網站和 PLBY Group 網站上存取。今天的電話會議也進行了網路直播，重播將發佈到該公司的投資者關係網站上。

Please note that statements made during this call, including financial projections or other statements that are not historical in nature, may constitute forward-looking statements. Such statements are made on the basis of PLBY Group's 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.

請注意，本次電話會議期間發表的聲明，包括財務預測或其他非歷史性聲明，可能構成前瞻性聲明。此類聲明是基於 PLBY 集團在做出時對未來事件和業務績效的觀點和假設而做出的，我們不承擔更新這些聲明的任何義務。

Forward-looking statements are subject to risks, which could cause the company's actual results to differ from its historical results and forecasts, including those risks set forth in the company's filings with the SEC, and you should refer to and carefully consider those for more information. This cautionary statement applies to all forward-looking statements made during this call. You should place undue reliance on any forward-looking statements.

前瞻性陳述存在風險，可能導致公司的實際結果與其歷史結果和預測不同，包括公司向 SEC 提交的文件中列出的風險，您應該參考並仔細考慮這些風險以獲取更多資訊。此警告聲明適用於本次電話會議期間所做的所有前瞻性聲明。您應該過度依賴任何前瞻性陳述。

During this call, the company may refer to non-GAAP financial measures. Such non-GAAP financial measures 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, PLBY Group filed with its Form 8-K today.

在這次電話會議中，公司可能會參考非公認會計準則財務指標。此類非公認會計準則財務指標並非依公認會計原則制定。PLBY Group 今天提交的 8-K 表格中提供了非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表，可在收益發布中找到。

I'd now like to turn the call over to Ben before we begin the Q&A session. Ben?

現在，在我們開始問答環節之前，我想將電話轉給 Ben。本？

Thanks, Matt, and thanks, everyone, for joining us today. Before we get into Q&A, I'd like to quickly review a few of the key developments that we have achieved during the third quarter and in the last couple of weeks, most specifically related to our balance sheet and our liquidity.

謝謝馬特，也謝謝大家今天加入我們。在我們進行問答之前，我想快速回顧一下我們在第三季和過去幾週內取得的一些關鍵進展，特別是與我們的資產負債表和流動性相關的進展。

About a week ago, we closed a strategic investment from Byborg for over $22 million. Today, we have approximately $30 million of cash on the balance sheet. And just this week, we have restructured our debt, something that we have talked about previously through an exclusivity period with our lenders, where we have realized on a senior debt basis, a $66 million discount on the senior debt. With that, we have issued a new $28 million convertible preferred to our lenders. So the net reduction is $38 million in leverage.

大約一週前，我們完成了 Byborg 的超過 2,200 萬美元的策略投資。今天，我們的資產負債表上大約有 3000 萬美元的現金。就在本週，我們重組了我們的債務，這是我們之前透過排他性期限與貸方討論過的事情，我們在優先債務基礎上實現了 6600 萬美元的優先債務折扣。至此，我們向貸方發行了價值 2,800 萬美元的新可轉換優先股。因此，槓桿淨減少為 3800 萬美元。

The convert is convertible at our option at any time in cash or in stock at the five-day VWAP, subject to a floor of $1.50 and a cap of $4.50. So should the stock be anywhere within that range, it is our option to convert it. If the stock were over $4.50, we would always have the option to pay in cash or redeem in stock.

我們可以選擇隨時以現金或股票的形式以五天成交量加權平均價格（VWAP）進行轉換，下限為 1.50 美元，上限為 4.50 美元。因此，如果股票處於該範圍內的任何位置，我們可以選擇將其轉換。如果股票價格超過 4.50 美元，我們總是可以選擇以現金支付或以股票贖回。

And we think the combination of the cash on our balance sheet and the significant reduction in debt that we have achieved puts us on a much more stable financial footing moving forward. We're excited and continuing to work on the strategic deal, we talked about the non-binding LOI we have signed with Byborg, and we expect to close that before year-end.

我們認為，資產負債表上的現金和我們所實現的債務大幅減少相結合，使我們的財務基礎更加穩定。我們很高興繼續致力於這項策略交易，我們討論了與 Byborg 簽署的非約束性意向書，我們預計在年底前完成。

And with that, Matt, I will open it up to questions.

接下來，馬特，我將開放提問。

(Operator Instructions)

（操作員說明）

Operator, we do have questions that are submitted via e-mail in advance, and I'd like to go ahead and read those now.

接線員，我們確實有提前透過電子郵件提交的問題，我想現在就閱讀這些問題。

Yes, absolutely.

是的，絕對是。

So we have questions from James Heaney, from the research team at Jefferies. Ben, James asked, as we look to 2025, what kind of driver should we expect the Playboy magazine to be? What are the key reasons you've decided to relaunch the magazine?

我們有傑富瑞研究團隊的詹姆斯希尼 (James Heaney) 提出的問題。本‧詹姆斯問道，展望 2025 年，我們應該期待《花花公子》雜誌成為什麼樣的推動者？您決定重新推出該雜誌的主要原因是什麼？

Sure. So we're not looking at the magazine as a key revenue driver moving forward. This is a promotional tool for the creators and the models that we work with. And also, unlike other global brands, we are not a brand that spends millions of dollars in marketing. We have historically done that through content.

當然。因此，我們並未將雜誌視為未來的主要收入驅動力。這是為創作者和我們合作的模特兒提供的宣傳工具。而且，與其他全球品牌不同，我們不是一個在行銷上花費數百萬美元的品牌。我們歷來都是透過內容來做到這一點的。

And so by bringing back the magazine, it serves us two purposes. The first is a promotional vehicle for the creators and models we work with. The second is as a brand marketing vehicle to allow us to bring back some of the iconic franchises like the Playboy Interview, like The Cover, like 20 Questions, things that used to be in the Playboy magazine as a way for continuing to build the brand on a global basis.

因此，帶回這本雜誌有兩個目的。第一個是為我們合作的創作者和模特兒提供的宣傳工具。第二個是作為品牌行銷工具，讓我們能夠帶回一些標誌性的特許經營權，例如《花花公子訪談》、《封面》、《20 個問題》，這些內容曾經出現在《花花公子》雜誌上，作為繼續打造品牌的一種方式在全球範圍內。

Okay. Thanks, Ben. The next question is related to the Byborg relationship. Can you discuss your partnership with Byborg and the performance requirements, if any, for you to successfully receive the $20 million in annual payments?

好的。謝謝，本。下一個問題與Byborg關係有關。您能否討論一下您與 Byborg 的合作關係以及您成功收到 2000 萬美元年度付款的績效要求（如果有）？

Sure. So as we publicly announced, we have signed a non-binding LOI for a $300 million total MG over the initial term, so minimum guarantee over the initial term of the deal, which is 15 years. That would be paid in $20 million annual payments to us. That includes them operating in-licensing our -- certain of our digital properties as well as developing new business lines for areas that they either operate in today or might decide to operate in, in the digital side moving forward.

當然。因此，正如我們公開宣布的那樣，我們已經簽署了一份不具約束力的意向書，初始期限內總金額為 3 億美元，因此交易初始期限（即 15 年）的最低保證期。這將每年向我們支付 2000 萬美元。這包括他們經營我們的某些數位資產的許可，以及為他們今天經營或可能決定經營的領域開發新的業務線，在數位方面向前發展。

Should that deal conclude, those $20 million are minimum guarantees, against a percentage of the profits of those business lines. And so technically, outside of letting them operate our businesses on the digital side, there aren't other -- today, there are not other requirements for those $20 million. That is in advance or a minimum guarantee against the percentage of the profits.

如果交易達成，這 2000 萬美元是最低保證，佔這些業務線利潤的一定比例。因此，從技術上講，除了讓他們在數位方面經營我們的業務之外，沒有其他要求——今天，對這 2000 萬美元沒有其他要求。這是針對利潤百分比的預先或最低保證。

The simplest way to think about it would be if you look at our digital segment today, right now, we generate about $5.5 million, $5.4 million on a quarterly basis in our Digital Subscription segment. In this past quarter, it lost about $2 million. Moving forward, you would basically be replacing on a minimum guarantee basis that revenue with approximately $5 million a quarter, and you would have very little cost -- if any, cost against that. And there might be further opportunities to reduce corporate overhead for unallocated services that support those businesses today.

最簡單的思考方式是，如果你看看我們今天的數位部門，現在，我們的數位訂閱部門每季產生約 550 萬美元、540 萬美元的收入。上個季度，該公司虧損約 200 萬美元。展望未來，您基本上將在最低保證的基礎上以每季約 500 萬美元的收入替代該收入，並且您的成本非常低 - 如果有的話，成本也將與之相對。並且可能還有進一步的機會來減少支援當今這些業務的未分配服務的企業管理費用。

The next question would be related to the unsolicited bid that was received recently from Cooper Hefner. Are there any thoughts you're able to share with regards to that beyond what was said publicly? And in what areas of the business do you believe that you can lean into creating stronger returns in the absence (technical difficulty)

下一個問題將與最近從庫柏赫夫納收到的主動出價有關。除了公開表達的內容之外，您還有什麼可以分享的想法嗎？您認為在缺席的情況下，您可以在哪些業務領域創造更強的回報（技術難度）

All I can point you to is the press release we put out, the Board exercising its fiduciary duty and unanimously rejected the Cooper Hefner offer.

我只能向您指出的是我們發布的新聞稿，董事會行使其受託責任，一致拒絕了庫柏·海夫納的要約。

I think we're on the right track. As we said, we are moving to an asset-light model. You will notice in the quarter that Honey Birdette has been moved to discontinued ops. As we previously stated, we are in process of looking for partners for that business.

我認為我們走在正確的軌道上。正如我們所說，我們正在轉向輕資產模式。您會注意到，在本季度，Honey Birdette 已被移至停產業務。正如我們之前所說，我們正在為該業務尋找合作夥伴。

The Byborg deal and the other licensing deals that we continue to sign, including the rebuilding of our China business, is the right path for the company moving forward. And should the Byborg deal close, coupled with the others, we would expect that our goal of getting to meaningful profitability, we're well underway.

Byborg 交易和其他我們繼續簽署的授權協議，包括重建我們的中國業務，是公司前進的正確道路。如果 Byborg 交易以及其他交易完成，我們預計我們實現有意義的盈利的目標將會順利進行。

And that, coupled with a restructured balance sheet, we got a lot of cash, about $30 million of cash today. We've reduced our senior debt by $66 million or interest-bearing debt by $66 million. So we've reduced our cash interest expense moving forward, our cash burn from non-operating and financing segments. I feel like we are moving well on our way to where we need to be as a sustainable business moving forward.

再加上重組的資產負債表，我們獲得了大量現金，今天約 3000 萬美元。我們已將優先債務減少了 6,600 萬美元，或有息債務減少了 6,600 萬美元。因此，我們減少了未來的現金利息支出，以及非營運和融資部門的現金消耗。我覺得我們正在朝著永續發展企業的目標前進。

And then through the Byborg participation, other licensing deals that we have restructured where we have upside, I think that is the right path for us to get to this asset-light model.

然後透過 Byborg 的參與，以及我們在有優勢的地方重組的其他授權交易，我認為這是我們實現輕資產模式的正確路徑。

There were additional questions, but I think you did cover off on them, particularly related to the Honey Birdette change. And so with that, there are no additional questions that have come in over e-mail.

還有其他問題，但我認為您確實掩蓋了這些問題，特別是與 Honey Birdette 更改相關的問題。因此，不再有透過電子郵件提出的其他問題。

Appreciate everyone dialing in, and we look forward to talking to you in March or about March on the year-end results. So thank you.

感謝大家的撥電，我們期待在三月或大約三月與您討論年終業績。所以謝謝你。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。