PLAB债务过高（1.72亿美元）相对于营收（1.2亿美元），现金流为负，且SG&A费用高；需要3-5年的成本削减来偿还债务，之后才能增长。

Playboy seems interesting. Very low market cap going in the right direction. Growing revenue 11% year-over- positive net income last quarter. Forgotten iconic brand. Okay, I had to do it. Let's uh let's see. The 13-year-old in me wants to see what this has to do. All right, let's pull it up. Let's take a look at some cash flow. Wasn't Let's see. Playboy stock. What do we got? Ouch. $40 a share peak down to a$122 a share. Oh my god. Ebida enterprise uh market cap $136 million. Well, first of all, I mean, if you're less than a dollar a share, you could be delisted. So, if you're buying this company, uh there's there's a serious potential that you could not if it's delisted, it's going to be much more hard, much harder to get your money out of that company should you want it. Um, so they need to do a massive reverse split to get their stock price up. Reverse splits are never looked favorably upon in the market. So, uh, first things first, financials, let's just see how much history we have here. revenue not going I mean up 4% last year. Okay. Margins decent margin 70% gross profit margin on the 120 million but did they keep any of that? So they made $85 million gross profit selling and general administration 91. It cost them $91 million to run a business that makes 12 million. You guys see this? So they gener I'll make this a bit I can't make it bigger, but I can shrink this so it's easier for you to see. So they made 120 million of revenue with a staff of 91 million. That means like revenue per employee is like a dollar 255. Um, Ibida negative2. Let's see. Issuing shares. That's how they're covering the free cash miss. I bet they're new balance sheet first, but then they're probably so missing cash flow. Uh, only 40 million in cash on hand. Inventory A R.

$40 a share peak down to a$122 a share.

Property. Is that the mansion? Let me know in the comments. Is this $22 million asset the Playboy Mansion in LA? Here's a thought. How much is the real estate value of that Playboy Mansion? And what's the market cap of the stock? Could you buy the stock, shut down the business, sell the real estate and make money? Probably not, but just fun mental exercise.

Um, payables not growing. Good. I'd be concerned that payables are growing. Long-term debt, current port capital lease, 63 million of current liability. Ooh, long-term debt. Oh, man. The bank's going to take this sucker. Long-term debt is is greater than revenue. 172 million of debt. That's just bank debt. Not not to mention the 15 million in capital leases or 23 million of others for a total of a quarter of a billion of debt.

Here's a problem. Most of their assets are intangible. See this? That's probably from the original acquisition when they bought it from Hefner. I'm assuming they, if I remember the story correctly, I think some some private people bought it and then they wanted to take it public. But the brand Playboy, the value is probably sitting in this intangible asset, which you know, who knows what that's actually worth.

In terms of hard assets, it looks like you got a property. I'm assuming that's the property. There's not much here, but you have a lot a lot of debt. Let's see cash flow statement. So stockbased comp nothing great good to see cash operations is zero. [sighs] Let's get some more history here. It was positive then it went negative hard and it's got a break even. So you're right commenter. You're right there. They are kind of like turning the ship around a little bit.

Okay. Capex nothing. and they've got no cash to do anything with that. It's tough to tough to like, man. They have way too much debt. Um, and I'm I'm not seeing with with that kind of revenue. They need to run a much cleaner operation to see if they can, you know, jin up enough cash to pay off the debt. How do you pay 700 million of debt when your revenue is 120 million? Right? Is that the liability? Long-term liability assets longterm 100 I'm sorry I misspoke 172 not 700 172 million in debt.

Um, they've gota they've got to really work hard to uh to trim down costs. So, they got $35 million sitting in the cogs for a for a business that makes content online and then they're really paying their their executive staff 91 million. You got to cut all that stuff out. I think you go after SGNA here and you got to lay a ton of people off at HQ. Focus on being super lean and scrappy and see if you can't try to keep a lot more of the 120 million of revenue to the bottom line. Then use that to pay down your debt and maybe 3 to 5 years from now you kind of eke out a business that is debtree then you can start growing it. Uh but they've got they've got a lot of a lot of way to go here.