Playboy, Inc. Q4 FY2024 earnings call

• 2024 was a tough year but repositioning to an asset-light model started showing results in Q4 with EBITDA turning positive excluding foreign currency.
• Completed the buy board deal in Q4, which changes profitability and cash flow outlook.
• Entering 2025 with a new cash flow baseline, aiming for full-year free cash flow positive, especially after transitioning legacy adult properties to buy board.
• Growth prospects include existing licensing deals like the buy board upside and new opportunities in gaming, food categories, and the relaunch of Playboy magazine with four issues planned once ramped up, leveraging it for new revenue streams like paid fan voting, sponsorships, and subscriptions.

No detailed financial performance for product segments provided in terms of absolute numbers and revenue contribution percentages.

• Expect to be full-year free cash flow positive.
• Goal is to be free cash flow positive, having solved balance sheet issues, with focus on asset-light business with few employees.

• Uncertainty in consumer spend due to economic factors.
• Tariff forces that might affect business, but licensing is mostly by territory so not significantly impacted.

Q: JP Wallum asked about risk in non-guaranteed licensing revenue, gaming upside, Honey Bird debt, G&A reorganization.

A: Marc Crossman and Ben Kohn responded about licensing risk being manageable, gaming opportunities, G&A reorganization as part of transitioning to asset-light model, and focus on free cash flow positivity.