Playboy Inc (PLBY) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Playboy second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加花花公子 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Rob Fink with FNK IR. Thank you.

現在我很高興向大家介紹 FNK IR 的 Rob Fink。謝謝。

Thank you, operator, and good afternoon, everyone, and welcome to Playboy's second quarter earnings call. Hosting today's call is Ben Kohn, Playboy's Chief Executive Officer. Before turning the call over to Ben, I'd like to remind everyone that the information discussed today is qualified in its entirety by the Form 8-K and Form 10-Q filed today by Playboy, which may be accessed on the SEC's website and Playboy's website.

謝謝接線員，大家下午好，歡迎參加花花公子第二季財報電話會議。主持今天電話會議的是花花公子執行長 Ben Kohn。在將電話轉給本之前，我想提醒大家，今天討論的資訊完全符合花花公子今天提交的 8-K 表和 10-Q 表的要求，這些表格可以在美國證券交易委員會的網站和花花公子網站上查閱。

Today's call is also being webcast and a replay will be posted to the company's Investor Relations website. 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.

今天的電話會議也將進行網路直播，重播將發佈在公司的投資者關係網站上。請注意，本次電話會議中所作的陳述，包括財務預測或其他非歷史性質的陳述，可能構成前瞻性陳述。

Such statements are made on the basis of Playboy'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.

此類聲明是基於花花公子對未來事件和當時業務表現的看法和假設而做出的，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.

前瞻性陳述受風險影響，可能導致公司的實際結果與其歷史結果和預測不同，包括公司向美國證券交易委員會提交的文件中列出的風險，您應參考並仔細考慮這些風險以獲取更多資訊。

This cautionary statement applies to all forward-looking statements made during this call, and we ask you not to place undue reliance on any forward-looking statements. During the call, the company may refer to non-GAAP financial measures. Such non-GAAP measures are not prepared in accordance with generally-accepted accounting principles.

此警告聲明適用於本次電話會議期間所做的所有前瞻性陳述，我們要求您不要過度依賴任何前瞻性陳述。在電話會議中，本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指標並非依公認會計原則編製。

But a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is available in the earnings release that Playboy filed with its 8-K earlier today and it's also in its Form 10-Q which was also filed today. With all that said, I'd now like to turn the call over to Ben. Ben, the call is yours.

但是，花花公子今天稍早提交的 8-K 財報中提供了非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表，在今天提交的 10-Q 表中也有提供。說了這麼多，現在我想把電話交給本。本，你來決定吧。

Thank you, Rob. We have made significant progress in our evolution to a licensing-focused, asset-light business. The second quarter results are proof of just how far we've come. We've delivered a significant financial improvement in the quarter, but we also laid the important groundwork for the next leg of growth as we continue to sharpen our focus around the Playboy brand. Revenue climbed 13% year-over-year, with Licensing revenue surging 105%.

謝謝你，羅布。我們在向以許可為重點的輕資產業務轉型的過程中取得了重大進展。第二季的業績證明了我們已經取得了多大的進步。我們在本季度實現了顯著的財務改善，同時，隨著我們繼續加強對花花公子品牌的關注，我們也為下一階段的成長奠定了重要的基礎。收入年增 13%，其中授權收入飆升 105%。

And our adjusted EBITDA was $3.5 million, a $6.4 million positive swing compared to a loss of $2.9 million in last year's second quarter. Our net loss included $1.9 million in impairment charges related to the sublease of our Los Angeles office and $2.1 million related to a onetime settlement of present and future licensing agent commissions. Excluding those charges, our net loss would have been approximately $3.7 million and our earnings per share would have been negative $0.04.

我們的調整後 EBITDA 為 350 萬美元，與去年第二季的 290 萬美元虧損相比，成長了 640 萬美元。我們的淨虧損包括與轉租洛杉磯辦事處相關的 190 萬美元減損費用，以及與一次性結算當前和未來許可代理佣金有關的 210 萬美元。除去這些費用，我們的淨虧損約為 370 萬美元，每股收益為負 0.04 美元。

Additionally, the quarter's results included $1.3 million in incremental legal expenses related to litigation with two former licensees that we terminated for contractual breaches. Excluding those costs, adjusted EBITDA would have been approximately $4.8 million, a positive swing of more than $7.7 million year-over-year.

此外，本季業績還包括與兩家因違反合約而終止合作的前許可證持有者進行訴訟相關的 130 萬美元增量法律費用。除去這些成本，調整後的 EBITDA 約為 480 萬美元，較去年同期成長 770 多萬美元。

We are now in a strong financial position with over $30 million in cash on hand as of today and a clear plan to continue reducing debt and lowering our cost of capital. This strength gives us the flexibility to invest confidently in the next stage of Playboy's growth.

我們現在的財務狀況良好，截至今天手頭上有超過 3000 萬美元的現金，並且有明確的計劃繼續減少債務和降低資本成本。這種優勢使我們能夠靈活地對花花公子下一階段的發展進行自信的投資。

That next stage centers on returning to the roots that made Playboy an icon, as an aspirational men's lifestyle brand. Working with one of the top brand agencies in the world, we're focused on bringing the brand to life through compelling content and unforgettable experiences.

下一階段的重點是回歸花花公子成為偶像的根源，成為一個令人嚮往的男性生活品牌。我們與全球頂級品牌代理商之一合作，致力於透過引人入勝的內容和令人難忘的體驗讓品牌煥發生機。

The Playboy Magazine is back, not as our core revenue engine, but as a powerful driver of brand relevance. Earlier this year, we relaunched the magazine, and our next issue is scheduled to be released in November. The landmark issue will feature 12 Playmates in one edition, a first in our history, and they'll also star in our 2026 calendar. Both of those are available for presale on our website today.

《花花公子》雜誌又回來了，雖然它不是我們的核心收入引擎，但卻是品牌相關性的強大驅動力。今年早些時候，我們重新推出了該雜誌，下一期計劃於 11 月發行。這本具有里程碑意義的期刊將在一個版本中刊登 12 位花花公子女郎，這在我們的歷史上尚屬首次，而且她們還將出現在我們的 2026 年日曆中。這兩款產品今天都可以在我們的網站上預售。

We're reintroducing the Playmate of the Month and have launched the Great Playmate Search, a global paid voting contest that's already exceeded our expectations. These contests will run quarterly, delivering fresh content, fan engagement, sponsorship opportunities and meaningful revenue.

我們重新推出了「月度玩伴」活動，並推出了「最佳玩伴搜尋」活動，這是一項全球付費投票競賽，其效果已經超出了我們的預期。這些比賽將每季舉辦一次，提供新鮮的內容、粉絲參與、贊助機會和可觀的收入。

Experiences are another pillar of our growth. We're planning to relocate our corporate headquarters to Miami Beach, a vibrant city that has become the hub of our content creation and event strategy. We're also developing a new Playboy Club concept there in partnership with a leading hospitality company, blending a luxury dining experience with an exclusive private club, designed to be as iconic as the original Playboy Mansion.

經驗是我們成長的另一個支柱。我們計劃將公司總部遷至邁阿密海灘，這個充滿活力的城市已成為我們的內容創作和活動策略的中心。我們還與一家領先的酒店公司合作開發了一個新的花花公子俱樂部概念，將豪華的餐飲體驗與專屬私人俱樂部融為一體，旨在成為與最初的花花公子大廈一樣具有標誌性的建築。

We believe Experiences will become another significant revenue driver for us in the future as we expand this concept to major markets around the world. Our Licensing business is thriving with new agreements in gaming, beauty and grooming, energy drinks and fashion.

我們相信，隨著我們將這個概念擴展到全球主要市場，體驗將成為我們未來另一個重要的收入驅動力。我們的授權業務蓬勃發展，在遊戲、美容、能量飲料和時尚領域達成了新協議。

Our partnership with Byborg remains a cornerstone, guaranteeing $300 million in minimum royalties over 15 years for our Digital business. And our Honey Birdette business and brand continues to improve. Q2 revenues rose 14% with gross margins expanding and brand perception strengthening, thanks to new collections, higher full price sell-through and a refreshed customer experience online and in-store.

我們與 Byborg 的合作仍然是基石，保證我們的數位業務在 15 年內獲得至少 3 億美元的版稅。我們的 Honey Birdette 業務和品牌也在不斷改善。由於新系列產品的推出、全價銷售量的提高以及線上和店內客戶體驗的更新，第二季度收入增長了 14%，毛利率有所提高，品牌認知度也有所增強。

Put simply, Playboy is stronger, nimbler and better positioned than it was a year ago. Looking ahead, I am confident that we might have the right -- we have the right strategy, the right team and the right momentum to keep building on this success.

簡而言之，花花公子比一年前更強大、更有彈性、定位更準確。展望未來，我相信我們可能擁有正確的策略、正確的團隊和正確的動力來繼續鞏固這一成功。

With that, operator, I will open it up to Q&A.

接線生，接下來我將開始問答環節。

(Operator Instructions)

（操作員指示）

George Kelly, ROTH Capital.

喬治凱利（George Kelly），羅仕資本（ROTH Capital）。

So a few for you. Maybe I'll start with paid voting. Saw the announcement a few weeks back. I was curious if you could give us a little bit more just about what the opportunity is there for the company and what the registrations have looked like so far? And what is your expectation for repeating a similar kind of contest in 2026?

給你列舉幾個。也許我會從付費投票開始。幾週前就看到了這個公告。我很好奇，您能否向我們詳細介紹一下公司有哪些機會以及目前的註冊情況？您對 2026 年再次舉辦類似比賽有何期望？

Great. Thanks for the question, George. Look, paid voting, this is our first time doing it. What I would say, without getting into specific numbers because they're in the multiple thousands already, but we signed up in the first few days more than 50% of what we were expecting for the whole entire sign-up period, which is eight weeks. And we haven't turned on any marketing yet.

偉大的。謝謝你的提問，喬治。你看，付費投票，這是我們第一次做。我想說的是，由於人數已經達到數千人，因此我不需要透露具體的數字，但我們在頭幾天就註冊了超過我們預期的整個註冊期（八週）的 50％ 以上的人數。我們還沒有開展任何行銷活動。

So there's various things that we will be testing with this first contest. We plan on doing this for every single issue of the magazine going forward. This contest, we actually have two contests going on, one for -- is Playmate of the Month and the second is for an inside cover star. But more importantly, what we're testing is how do we integrate this whole entire global Playboy ecosystem? So we have signed up our international editions which are licensing deals as affiliates to bring in women from around the world into the contest.

因此，我們將在第一次比賽中測試各種各樣的東西。我們計劃在今後的每一期雜誌中都這樣做。這次比賽，我們實際上有兩場比賽，一個是“月度玩伴女郎”，另一個是“內頁封面明星”。但更重要的是，我們正在測試如何整合整個全球花花公子生態系統？因此，我們簽署了國際版授權協議，作為附屬機構吸引來自世界各地的女性參加比賽。

We integrated with PSD, a licensing -- a significant licensing partners of ours for underwear, where they are marketing this contest and also participating in the giveaway and the price selection. And we did the same thing with Honey Birdette. So I'm excited. Based on other contests, this could be millions and millions of dollars of revenue for us. We have to execute on that.

我們與 PSD 進行了合作，PSD 是我們內衣領域的一個重要授權合作夥伴，他們負責推廣本次比賽，並參與贈品和價格選擇。我們對 Honey Birdette 也做了同樣的事情。所以我很興奮。根據其他比賽的情況，這可能為我們帶來數百萬美元的收入。我們必須執行這一目標。

And we've done this in a model that's very similar to Licensing where we partnered with a technology partner and we have an economic arrangement very similar to what our Licensing business is on a gross margin basis.

我們採用的模式與授權模式非常相似，即我們與技術合作夥伴合作，我們的經濟安排與我們的授權業務在毛利率基礎上非常相似。

Okay. That's helpful. And then another topic I wanted to cover is, in your letter, you mentioned, I think it was two new license deals in gaming, one in beauty and grooming and another in beverages. And I think in your prepared remarks, you said there was another one, I forget the category. And so I was curious if you could just talk to the materiality of those deals and the timing.

好的。這很有幫助。然後我想談的另一個主題是，您在信中提到，我認為這是遊戲領域的兩項新授權協議，一項是美容和美髮領域的授權協議，另一項是飲料領域的授權協議。我認為在您準備好的發言中您說過還有另一個，我忘記了類別。所以我很好奇您是否可以談談這些交易的重要性和時機。

And what's like -- not to ask for specific guidance for 2026, but like as you look at these deals, I know this year has benefited from Byborg, but going forward, what's just a good sort of medium-term growth expectation in that business?

而且——不是要求對 2026 年做出具體指導，而是當你看這些交易時，我知道今年受益於 Byborg，但展望未來，該業務的中期增長預期是什麼？

Sure. So I -- unfortunately, I'm not going to answer that question because, as I've said historically, licensing is a step function, and we have to be very careful with the brand and as we're focusing on really the relevancy of the brand, that we make sure we do the right deals. And so there's a lot of deals out there to sign, it's just a question of do you want to sign those deals, because there's brand dilution. So we're very focused right now on the health of the brand. We have the company, financially speaking, in a really good place.

當然。所以，很遺憾，我不會回答這個問題，因為正如我之前所說，授權是一個循序漸進的過程，我們必須非常小心地對待品牌，因為我們真正關注的是品牌的相關性，所以我們要確保我們達成正確的交易。因此有很多協議需要簽署，問題只是你是否願意簽署這些協議，因為這會導致品牌稀釋。因此，我們現在非常關注品牌的健康。從財務角度來說，我們公司的狀況非常好。

And so we're not forced to do deals. And what's more important is doing the right deals that we can build meaningful partnerships with moving forward. The deals that we signed on an annual basis are in excess of seven figures, and so they're multiple-year deals. So it's significant for us. And I think we've only scratched the surface.

因此我們不會被迫做交易。更重要的是達成正確的交易，以便我們能夠建立有意義的合作關係並向前邁進。我們每年簽署的協議金額都超過七位數，所以它們都是多年期協議。所以這對我們來說意義重大。我認為我們只是觸及了表面。

I think there's a lot more that we have in our pipeline and a lot of other categories that we are targeting to continue to grow that Licensing business. But I don't want to get into 2026. We're not even -- we're just barely halfway past the midway point of 2025, and it will depend on when and the number of deals that we get done. As we approach the year-end, we can talk more about that. But I think that one thing I can tell you, and this speaks to why we're investing in content, it's our marketing engine for the brand.

我認為我們的產品線中還有很多產品，而且我們還有很多其他類別的目標，以繼續發展授權業務。但我不想進入2026年。我們甚至還沒有——我們才剛剛過了 2025 年的中點，這將取決於我們何時完成交易以及完成的交易數量。隨著年底的臨近，我們可以更多地談論這個問題。但我認為有一件事我可以告訴你，這解釋了我們為什麼要投資內容，它是我們品牌的行銷引擎。

It always has been. This is not a company that goes and spends millions of dollars in what I would say is paid marketing. We use content as that marketing vehicle. We have some huge stars potentially lined up for next year centered around the magazine.

一直都是這樣。這不是一家花費數百萬美元進行付費行銷的公司。我們將內容用作行銷工具。圍繞著該雜誌，我們已經確定了一些明年可能亮相的巨星。

And that by itself brings an amazing amount of audience to the business. And those things can have meaningful impacts on the future Licensing business as well. When we did this last time and we invested in content, we saw a significant positive downstream impact to our Licensing business. And that's why the business strategy we're embarking is so key.

這本身就為該業務帶來了大量的受眾。這些事情也會對未來的授權業務產生重大影響。當我們上次這樣做並投資內容時，我們看到了對我們的許可業務的顯著的積極下游影響。這就是為什麼我們正在實施的商業策略如此重要。

Understood. I had to try, Ben. But just a couple of more quick ones. First, on the hospitality venue in Miami Beach. Wondering how you're structuring that and what stage of development is that -- are those plans?

明白了。我必須嘗試一下，本。但我只想再說幾個簡單的。首先，關於邁阿密海灘的接待場地。想知道您是如何建造它的以及它處於哪個發展階段——這些都是計劃嗎？

So again, I think I'm going to sort of say high level again. We are very focused on remaining asset-light with high-margin revenues. As I don't want to get into the specifics of how we're structuring it, but we have a space identified. We are working through plans with a partner -- an operating partner on that and also what would the programming around that be. Miami will most likely be the first, but we actually have interest in other cities as well for different Playboy hospitality venues.

所以，我想我會再次談到高層次。我們非常注重保持輕資產和高利潤收入。因為我不想詳細討論我們如何建造它，但我們已經確定了一個空間。我們正在與合作夥伴（營運合作夥伴）一起制定計劃，並研究圍繞該計劃的程式設計是什麼。邁阿密很可能是第一個，但實際上我們也對其他城市以及不同的花花公子招待場所感興趣。

And so to the extent we're successful with this one -- and we are moving the corporate headquarters to Miami. We're excited to be in a very pro-business environment, especially coming out of Los Angeles. And I think Miami is a city that embodies the core tenets of Playboy. I think this could be a huge opportunity for us should we get the deal done and open. I think there's a lot of excitement down there for Playboy and I think there's a lot of excitement for our Playboy Club.

因此，如果我們在這件事上取得成功，我們將把公司總部遷至邁阿密。我們很高興能處於一個非常有利於商業的環境中，尤其是來自洛杉磯。我認為邁阿密是一座體現花花公子核心宗旨的城市。我認為，如果我們能夠達成協議並開放，這對我們來說將是一個巨大的機會。我認為那裡的人們對花花公子非常感興趣，我認為那裡的人們對我們的花花公子俱樂部非常感興趣。

Our biggest thing and why we've been so patient with this is it all comes down to making sure we have the right partner, right? There's been tons of opportunities to do Playboy hospitality, they just haven't been the right partner. And for us, picking the right partner, when a consumer can come in and truly experience in real life the Playboy brand, the partner is more important than anything.

我們最重要的事情以及我們對此如此耐心的原因在於確保我們擁有合適的合作夥伴，對嗎？有很多機會可以與花花公子合作，但他們只是不是合適的合作夥伴。對我們來說，選擇正確的合作夥伴，當消費者能夠真正在現實生活中體驗花花公子品牌時，合作夥伴比什麼都重要。

Okay. And then last question for me is just about the licensing commissions settlement. What does that do for the expense structure on the Licensing business going forward? Is anything to note there?

好的。我的最後一個問題是關於許可委員會的結算。這對未來的許可業務費用結構有何影響？有什麼需要注意的嗎？

Yes. No, I would, George. It's Marc. It obviously will bring down China. We've talked about the percentage commission that we pay. And so it's -- I would say it's material, but not material enough for us to talk about in 2025.

是的。不，我會的，喬治。是馬克。這顯然會搞垮中國。我們已經討論過我們支付的佣金百分比。所以，我想說，這很重要，但這還不足以讓我們在 2025 年談論它。

Yes. I mean, I think, George, just for competitive reasons, we're not going to get into details. But we were able to -- we are able to reduce our expenses moving forward at a significant discount to what we thought they would be. And so we are opportunistic in doing that this quarter to improve our results in future quarters.

是的。我的意思是，喬治，我認為，出於競爭的原因，我們不會討論細節。但我們能夠——我們能夠以比我們預想的大幅折扣降低我們的開支。因此，我們抓住機會在本季這樣做，以改善未來幾季的業績。

And that, the changes start when, starting in the back half of '25?

那麼，改變從什麼時候開始呢？是從 25 年下半年開始嗎？

Yes, the changes will start this quarter and moving forward. It's more complicated than that because of accounting -- of how it's accounted for. But for us, it was an opportunistic deal and the right thing to do moving forward as we continue to look for ways to enhance our margins. And we're doing that across the board. As we've talked about historically, we've been spending a lot of time with AI.

是的，這些變化將從本季開始並持續進行。由於會計的原因——關於如何進行會計核算，實際情況比這更複雜。但對我們來說，這是一次機會交易，也是我們繼續尋找提高利潤率的方法時應該做的正確的事情。我們正在全面推行這項措施。正如我們過去所討論的，我們在人工智慧上花費了大量時間。

We think there's a lot of things that we can do operationally with AI to enhance the margins. We're actually using -- about to use AI as part of the Playmate voting contest as well. There's a lot of things where you could integrate various AI applications to become more efficient in what we're doing.

我們認為，我們可以利用人工智慧在營運上做很多事情來提高利潤率。我們實際上正在使用——也即將使用人工智慧作為 Playmate 投票競賽的一部分。有很多事情我們可以整合各種人工智慧應用程式來提高我們工作的效率。

Alex Fuhrman, Lucid Capital.

Alex Fuhrman，Lucid Capital。

I wanted to ask about Honey Birdette here. Nice to see that brand is back to strong growth, and the gross margins are up compared to last year. Can you just kind of level-set for us, what's kind of the base case heading into the next couple of quarters? Comparisons get a lot more difficult. Should we expect the brand to continue to grow over the next couple of quarters?

我想在這裡詢問有關 Honey Birdette 的問題。很高興看到該品牌恢復強勁成長，毛利率與去年相比有所上升。您能否為我們大致介紹一下未來幾季的基本情況？比較變得更加困難。我們是否應該期待該品牌在未來幾季繼續成長？

Or is that just going to be hard as you start to lap more difficult comparisons?

或者當你開始進行更困難的比較時這會變得困難嗎？

Alex, it's Marc. No, we continue to expect to see growth in the back half of the year. And that's -- if you really look at what's underpinning that, our retail business at full price is going very strong. And the comps that we saw for that business, we had stated it was about 28%, and that was not an easy comp against what we did because we had talked about how online had really been where we've seen the pressure. So we can say we expect that business continue to grow going forward.

亞歷克斯，我是馬克。不，我們仍然預計今年下半年將出現成長。如果你真正了解背後的原因，你會發現我們的全價零售業務發展非常強勁。而我們看到的該項業務的可比較數據是，我們說過它大約是 28%，與我們所做的相比，這並不是一個容易的比較，因為我們已經討論過在線業務真正是如何讓我們看到壓力的。因此我們可以說，我們預計未來業務將繼續成長。

Yes. I mean we -- gross margins of, what, 200 points over the quarter -- 100 points over the quarter? So the business is strong. We've actually integrated that into the Playmate contest as well. And so they're actually marketing the contest to their creators where -- we have the winner getting a year of free Honey Birdette.

是的。我的意思是，我們的毛利率在本季增加了 200 個百分點，在本季增加了 100 個百分點？所以生意很強勁。我們實際上也將其融入了 Playmate 比賽中。因此，他們實際上是在向創作者推銷這場比賽——獲勝者將獲得一年的免費 Honey Birdette。

There might be a modeling opportunity for the winner with Honey Birdette. And I think this goes to the larger strategy, which is how do we take these various components of the business and integrate them all together so that, hopefully, the Playmate contest, which we have thousands and thousands of women have signed up, they might also be getting an e-mail from Honey Birdette with the ability to buy Honey Birdette at a slight discount for new customers. And so what's so exciting for us as we move forward is bringing these various components of the business together to try to benefit each other.

獲勝者可能有機會成為 Honey Birdette 的模特兒。我認為這涉及更大的策略，即我們如何將業務的各個組成部分整合在一起，以便讓成千上萬的女性報名參加 Playmate 比賽，她們也能收到 Honey Birdette 的電子郵件，新客戶可以以略微折扣的價格購買 Honey Birdette。因此，在我們前進的過程中，令我們興奮的是將業務的各個組成部分整合在一起，以期實現互利共贏。

Okay. That's really helpful. And then Honey Birdette and then, obviously, the total company here showed pretty nice profitability for the total quarter. It sounds like it would have been a lot stronger if not for the legal expenses and some of the other kind of onetime things that you had. Those legal expenses, is that pretty much over now?

好的。這真的很有幫助。然後是 Honey Birdette，顯然，整個公司整個季度的獲利能力都相當不錯。聽起來，如果沒有法律費用和其他一些一次性費用，它會更強大。那些法律費用現在差不多結束了嗎？

Should we expect that to be a drag on the third quarter EBITDA as well?

我們是否應該預期這也會對第三季的 EBITDA 造成拖累？

So we can't predict when cases will be resolved. What I would say, in the second quarter, we had two major litigations ongoing. One of those, we are done with the litigation portion of it, but we still have one ongoing. We feel very confident in our cases against both of our former partners. You will start to see -- you will continue to see some drag on the business.

所以我們無法預測案件何時能夠解決。我想說的是，在第二季度，我們有兩起重大訴訟正在進行中。其中之一，我們已經完成了訴訟部分，但仍有一項正在進行中。我們對針對我們兩位前合夥人的案件非常有信心。您將開始看到——您將繼續看到業務受到一些拖累。

I just don't know for how long, depending on when that case is eventually heard. But we are prepared to defend our trademarks. And to the extent we win, we could see significant settlements in those cases.

我只是不知道要等多久，這取決於該案件最終何時審理。但我們準備捍衛我們的商標。如果我們勝訴，我們可能會在這些案件中看到大量和解。

(Operator Instructions) We received a presubmitted question that the IR team will read.

（操作員指示）我們收到了 IR 團隊將閱讀的預先提交的問題。

Ben, George touched on this a little, but the research team at Jefferies wanted to know, as you've signed several new deals with partners and categories like gaming and beauty, can you help investors think about the TAM there and the opportunity Playboy has for these types of deals going forward?

本，喬治稍微談到了這一點，但傑富瑞的研究團隊想知道，由於您已經與合作夥伴簽署了幾項新協議，涉及遊戲和美容等類別，您能否幫助投資者思考那裡的 TAM 以及花花公子未來在這些類型的交易中的機會？

Sure. So as I mentioned, I think George asked this question, but we signed multiple new deals in the quarter. Those deals in total exceeds seven figures on an annual basis. I would tell you, we are just scratching the surface. I think there's a lot of categories that we've -- new categories we've identified and extensions of categories, like gaming, where we are significantly underpenetrated for what this brand means in that area, that we can continue to grow each of those categories moving forward.

當然。正如我所提到的，我認為喬治問了這個問題，但我們在本季度簽署了多項新協議。這些交易的總額每年都超過七位數。我想告訴你，我們才剛開始觸及表面。我認為我們已經有很多類別——我們已經確定了新的類別和類別的擴展，例如游戲，我們對這個品牌在該領域的意義的理解還遠遠不夠，我們可以繼續發展每個類別。

Again, we want to be strategic in the deals that we do. We want to make sure we do the right deals that are not just an MG, but provide upside above that, picking the right partners. And we just need to be patient. I think that part of the brand work we're doing and part of the content strategy that we're embarking on will help continue to grow markets that we are -- or categories that we're already in, plus open up new categories for us moving forward.

再次強調，我們希望在交易中採取策略性做法。我們希望確保我們達成的是正確的交易，不僅僅是 MG，而且還能提供更高的收益，選擇正確的合作夥伴。我們只需要耐心等待。我認為，我們正在進行的品牌工作和內容策略將有助於繼續擴大我們所在的市場或我們已經進入的類別，並為我們未來的發展開闢新的類別。

Any other questions, operator?

還有其他問題嗎，接線生？

No further questions. I'd like to turn the floor over to Ben for closing remarks.

沒有其他問題了。我想請本做最後發言。

Yes. As I said in our opening remarks, we're very excited about where the business sits financially, the growth prospects that we have and the new legs of growth we have both from content and experiential, in addition to the continued growth in our Licensing business. We appreciate you all listening for our second quarter results and look forward to talking to you in November for our third quarter results. So thank you for joining today.

是的。正如我在開場白中所說，我們對業務的財務狀況、成長前景以及內容和體驗的新成長點感到非常興奮，此外還有授權業務的持續成長。感謝大家收聽我們的第二季業績，並期待在 11 月與您討論我們的第三季業績。非常感謝大家今天的參與。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與。