good afternoon, and Ashley, everyone. you, Thank
of a Officer month get Chief us Marc the Chief sectors and team. brings about I Marc consumer in Officer, a just our experience to ago. would both who operating Financial introduce products, like Before wealth Operating technology Crossman, and the we started, joined to new
hear beginning infrastructure, minutes, will has not of coming in be helping a of the you few we cost millions already months. our dollars that me after identified identified will is reductions, Marc cost in and the going previously in of As stages rebuild
now responsibilities, With consumer management Marc, and on have Marc reorganized his team, over to the and platform will CFO our be team. will on in I our I taking addition products creator be focusing licensing.
our that week platform call report a to pleased in earnings times our And X.X over on I'm March on weekly increased XX, QX. last as GMV further GMV of creator since our XX%. last increased QX has
made also a transitioning have to model. the light We capital business progress significant
going to three key I'm afternoon, This updates in areas. share
on First, we're about so detail I'm momentum to of why growth going the more the and excited dive we're platform, creator our into seeing.
our we've the both share well I'll work expand on as an debt. China, operating Second, of in on the our improve reducing streamlining and our done and as updates I'll we've business. model operating And gross to long-term licensing JV made the our progress on expenses third, economic update our other
Birdette, walk and Marc, then and Lovers will some you information. with on updates financial you detailed Honey more through provide
our on platform. creator First,
our X was the have call. and an X. QX As last times XX% additional shared start, at grown we since up earnings
that has the about our excited Our growth on so platform. we're creators weekly the year-to-date really generate XX%, continue growth above to rate remained revenue in
bases approximately but week, only creator are creators and last X.X have X,XXX last were individually spending than they fan that growing, we and users, now of As and approximately means not which registered earning also quarter. earning our monthly more
and scale our with terms the we're key seeing cost re-negotiate our we're scaling, to with we're vendors. more as lastly, continuing of structure And economies favorable
we Since that we lowers new teams experiences. the approximately a last spoke, fan and have and added remained engineering just partner improving on processing payment focused creator fees product continuously example, our For XX%. our design by
creator significantly out side, subscription improved Playboy to flows competitors leads iterate a monetization creator and design unprecedented quickly. We've has ability to conversations from no we bundled of support focused greater history product offer on to creator more a rolled platform to the continued our our On drive experience and also their creator differentiated onboarding profile the We've more on to to and new discounts different. and have offers, meet we've the first engagement, space. been fan in dollars ability stars, promotional our more. which ensuring our is in monetization earning
more and we introduced we've searching discovery the other it. Since enables new day can on that on by UI as categories to be discovered an believe with we promotion and hear as money area can themselves creators, they We that exposure. how further are label we a the Playboy, centerfold every of dedicated creators day spoke, competitive win well make proud for of from to tags make can helping than be creators they interest Creator is them last platforms. and we're section,
platform creators roughly creators of revenue messaging, engage another with content fans via Roughly via they And four Today, direct a platforms, and on send unlocked wall generated messages. whereby other profile. is Roughly in cannot via creators directly them our in ways. on is purchase content generated the monthly subscriptions, XX% tips. on XX% in lastly, creator's generated key is income via earned and XX% ways generated the greater is XX% of
we stage, XX% to creator split XX% and the Playboy. to this At GMV
also roll-out economics. to us intend In addition allow and percentage features monetization, we're to that offerings our of doing continuous those soon increase the work creator value-added to improve to we
monetization. over creator one individual membership or part the extended advanced for access ability of that proposition our fans exclusive show imagine as on top at features galleries, a world of Playboy of as access special up top become all the to iconic playmate creator's sits would or or Playboy perks parties the can of archival inbox, shoots, Playboy the such that You photo to
that of our meaningfully can its the proposition, to We this expand stages and is its I'm very are services creator keeping economics to to-date developing forward early profitability with by encouraged have with you look peers, on we the momentum value to as up still platform our more potential to our platform, but membership progress. and our we favorable goal that ensure speed in Playboy. scale
China from agreements negotiated I the foundation since to forward. recently support within and March, both last venture. successfully our we Next, existing pleased report licensees, to part a our am shutdowns number we COVID goal of to over last while also establishing more diversified business terms that of renegotiations whose China significantly joint of impacted drive our as more spoke these formed venture a by The favorable our in sustainable was joint year, were amendments agreement businesses new going licensing
take While visibility call audit agreements data, to ownership stronger on sales e-commerce sales minimum categories, controls our are added partner's back of the venture. for Playboy of significantly guarantees, joint lower in the the stores and revised clauses, percentage the increased royalty and transferring we product exclusivity exchange removed it working China have or to
process that related book licensees, thing we we during in these revised of first the negotiating one revenue to note quarter, the One as a agreement. of did any are not to is
collecting are partner, agreement with signed our on We have an working now and royalties. those now
own. also to the China Playboy China China, store is to e-commerce the establish on that joint legacy licensing been blocked our a model. have our is flagship Douyin We had now e-commerce on and engines significant made of expected one progress venture in Playboy largest with Douyin TikTok Douyin, based of previously
revised contract a and Group Fung the issue. this with with JV Our licensee solved our
partners licensing design licensing positioning, solve that collect control and forward, China's marketing product sell Moving while which Playboy the operate Douyin us brand Playboy to store, and Douyin we cash our venture, help will more effectively inventory. issue, and joint manufacturing, product will fulfillment pricing, our partners through anticipate the
our part while the in All strategy and our having into of more of the increased is components controlling diversify this across consumer and revenue larger facing businesses sales, brand. of China, direct partners visibility directly to
we intention set transform quarter, to Playboy to business a our licensing our forth model. U.S. Last DXC
strategies a non-affiliated of brand of partner Anti This who Their passion brings instrumental experience, Social now a Club Revenge. brand developing today's customers in Playboy's have several Fragment, with of understanding track wealth and popular e-commerce for binding sheet success, improving collaborations signed partner with Social effective term and brands record in streetwear and of and executing We are hugely a development. including launching was a unparalleled.
its June including enormous next experiences This potential by creator for transition and innovation, is to the platform underway with provide. can the X, deal community expected excited for and are with shop only Playboy and that Playboy chapter our integration the of close we the
demand and XX% We for and of its over all costs and remain the power territories our about of Playboy the world. optimistic new continued partner will categories take and forward, we brand, our around revenue. across net receive unlocking Moving will the shop, operations
a and XX total grooming Lover an international XX in new closed launching in LATAM, since decor men's sexual wellness team of home In and total We as new as at third now QX were are QX, $X collaborations signed Our licensees million in agreements of sales, accelerate our stores retailers. fashion to categories. which UK licensing our Europe. across well out new amendment party rolling to growth and surpassed
gross light we've reducing to to debt. progress expenses Lastly, our our capital reducing I'm business happy report operating model, transition a the on made and
now steps. we the have high creator previously Yandy, margin This With to that fully we decided as the which three operator exit we momentum licensing, reported, revenue we're we means the will consumer to additional our of experiencing from and addition serving see in product taking businesses. with our selling be platform,
we sheet signed business. Playboy as recently First, mentioned, license a term DXC just our we binding to
Lovers. recently for all Because Company $X Second, to costs. fully Birdette. explore & DXC decision we've all strategic engaged to we've eliminated explore million to Sage of this strategic exit Group third, the And of operations personnel alternatives Moelis and consumer for products, we've retail of alternatives Honey engaged
to meaningful savings. we continue we cost additional execute steps, the anticipate remaining As
neutral and than We to contribution margin additional this net cost to that offset more loss from profitable to any expected expect the are these be to Playboy savings decision given businesses.
won't our should related also as We that the store to flow higher we and free or expect maintenance inventory CapEx cash have openings. be
Lastly, to a positive completed. on debt share just refinancing some news and want I restructure we
resulting in of our debt senior on lenders the from able Specifically, million a approximately discount assignment $XX.XX negotiate of $XX at dollar, $XX lender of certain million. the primary to of a we approximately to our were
We also at discount stock million principal our debt preferred for one current a exchange the held by liquidation which negotiated of of our the to lenders, additional our senior is $X of value.
In payment stock, amended accommodate restated restructuring and debt with and we restated facility our and interest lenders. the of in other kind lowering our cost in the our so rate, by Fortress and senior while the the capital the our substantially that total total interest remains agreement of The accrual to of our senior lowers same, stock. preferred features cost debt order preferred eliminating actually cash
the made also on to cash new as discount balance $XX obtained has available from other us Fortress our lenders sheet. million
have The cash to will we payments, $XXX cash of of $XX $XXX an of the period of amortization million. total, thus total before, no on additional an million debt bulk balance no bringing has million of we In of facility excess company million from saving outstanding gross covenants cash XXXX. restated and has now during until our have the sheet, inclusive preferred $XX QX stock. such But leverage $X the down over
no had time. at our no at and prepayment restated it to prepay it with can penalty. elect facility The option We any has fees associated
we can. facility that kicked selling use To as like off our discuss, to generate for from prepay soon from debt. divestitures as down hope we to we the art the we extent asset have proceeds is collection, would to the possible, well as as proceeds intention the recently process we pay to a Our
conclude on how focus the our momentum call Before handing brand. the and to am want Marc, by by of creator I our Playboy over I excited platform to the saying singular
With to the call hand that, I'll Marc. over
